Sound Stewardship LLC Cuts Position in Garmin Ltd. (NYSE:GRMN)

Sound Stewardship LLC lessened its position in Garmin Ltd. (NYSE:GRMN) by 3.4% during the fourth quarter, Holdings Channel reports. The fund owned 1,435 shares of the scientific and technical instruments company’s stock after selling 51 shares during the period. Sound Stewardship LLC’s holdings in Garmin were worth $296,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Pinnacle Bancorp Inc. purchased a new stake in Garmin during the fourth quarter valued at about $29,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin during the 2nd quarter valued at about $31,000. Larson Financial Group LLC grew its position in Garmin by 578.6% during the 3rd 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. Itau Unibanco Holding S.A. purchased a new position in Garmin in the 3rd quarter worth approximately $39,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Garmin during the third quarter valued at approximately $59,000. Institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

Shares of NYSE GRMN opened at $214.90 on Tuesday. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97. The stock has a market capitalization of $41.26 billion, a P/E ratio of 27.27, a P/E/G ratio of 1.31 and a beta of 0.98. The company’s 50-day moving average is $211.85 and its 200 day moving average is $189.38.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion during 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 business’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.41 EPS. Research analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Garmin

In other news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $123,328.70. Following the completion of 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 disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

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.