Wilmington Savings Fund Society FSB Buys New Shares in Garmin Ltd. (NYSE:GRMN)

Wilmington Savings Fund Society FSB purchased a new position in shares of Garmin Ltd. (NYSE:GRMN) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,049 shares of the scientific and technical instruments company’s stock, valued at approximately $185,000.

A number of other hedge funds also recently made changes to their positions in the stock. Sumitomo Life Insurance Co. increased its holdings in shares of Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after buying an additional 61 shares during the last quarter. Elo Mutual Pension Insurance Co increased its stake in Garmin by 0.5% during 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 during the last quarter. UMB Bank n.a. raised its holdings in shares of Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after purchasing an additional 74 shares during the period. Buckingham Capital Management Inc. lifted its stake in shares of Garmin by 0.7% in the 3rd 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 purchasing an additional 80 shares in the last quarter. Finally, Brighton Jones LLC grew its holdings in shares of Garmin by 5.8% during the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial increased their price target on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday. Finally, Barclays boosted their price objective on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $171.00.

Garmin Price Performance

Garmin stock opened at $206.23 on Thursday. 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 $39.60 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. The firm’s fifty day moving average price is $198.37 and its 200 day moving average price is $179.99.

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 analysts’ consensus estimates 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 revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. Analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 19.54% of the stock is currently owned by corporate insiders.

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.