CX Institutional Buys 540 Shares of Garmin Ltd. (NYSE:GRMN)

CX Institutional lifted its stake in Garmin Ltd. (NYSE:GRMN) by 42.1% during the 4th quarter, Holdings Channel reports. The firm owned 1,824 shares of the scientific and technical instruments company’s stock after acquiring an additional 540 shares during the period. CX Institutional’s holdings in Garmin were worth $376,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new position in shares of Garmin in the 4th quarter worth $29,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin in the 2nd quarter worth $31,000. Larson Financial Group LLC boosted its position in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Garmin in the 3rd quarter worth $39,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Garmin in the 3rd quarter worth $59,000. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Down 0.6 %

Shares of Garmin stock opened at $214.37 on Monday. The stock’s fifty day simple moving average is $211.85 and its 200 day simple moving average is $189.20. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97. The company has a market capitalization of $41.16 billion, a PE ratio of 27.20, a PEG ratio of 1.31 and a beta of 0.98.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GRMN shares. Barclays raised their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Tigress Financial raised their price objective on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $171.00.

Insider Buying and Selling at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

About Garmin

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.