Garmin Ltd. (NYSE:GRMN) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its stake in Garmin Ltd. (NYSE:GRMN) by 10.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 230,688 shares of the scientific and technical instruments company’s stock after selling 27,794 shares during the period. Wedge Capital Management L L P NC owned about 0.12% of Garmin worth $47,582,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Outlook Wealth Advisors LLC grew its holdings in shares of Garmin by 2.6% in the fourth quarter. Outlook Wealth Advisors LLC now owns 2,332 shares of the scientific and technical instruments company’s stock valued at $481,000 after purchasing an additional 58 shares in the last quarter. Sumitomo Life Insurance Co. grew its stake in shares of Garmin by 0.9% in the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after acquiring an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co grew its stake in shares of Garmin by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after acquiring an additional 70 shares in the last quarter. Tealwood Asset Management Inc. raised its stake in shares of Garmin by 0.5% in the fourth quarter. Tealwood Asset Management Inc. now owns 15,405 shares of the scientific and technical instruments company’s stock valued at $3,177,000 after acquiring an additional 75 shares in the last quarter. Finally, Buckingham Capital Management Inc. raised its stake in shares of Garmin by 0.7% in the third quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

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

Garmin Price Performance

Shares of NYSE:GRMN opened at $215.50 on Friday. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97. The firm has a market capitalization of $41.38 billion, a P/E ratio of 27.35, a P/E/G ratio of 1.26 and a beta of 0.98. The company’s fifty day moving average price is $211.45 and its 200 day moving average price is $187.12.

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

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value 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. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.