Garmin Ltd. (NYSE:GRMN) Shares Sold by Freedom Investment Management Inc.

Freedom Investment Management Inc. cut its holdings in Garmin Ltd. (NYSE:GRMN) by 45.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,193 shares of the scientific and technical instruments company’s stock after selling 1,797 shares during the quarter. Freedom Investment Management Inc.’s holdings in Garmin were worth $386,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in Garmin in the 2nd quarter worth about $31,000. Larson Financial Group LLC boosted its stake in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of Garmin during the second quarter worth approximately $35,000. Benjamin Edwards Inc. raised its stake in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Garmin in the 2nd quarter valued at $46,000. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Performance

GRMN opened at $212.60 on Friday. The stock has a market capitalization of $40.82 billion, a PE ratio of 26.98, a P/E/G ratio of 1.40 and a beta of 0.97. Garmin Ltd. has a one year low of $119.15 and a one year high of $216.44. The business’s 50 day moving average price is $186.92 and its 200 day moving average price is $175.49.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.41 EPS. As a group, equities research analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 19.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRMN. Barclays increased their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Tigress Financial boosted their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $162.67.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.