Pinnacle Bancorp Inc. Makes New $29,000 Investment in Garmin Ltd. (NYSE:GRMN)

Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 140 shares of the scientific and technical instruments company’s stock, valued at approximately $29,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of GRMN. Sumitomo Life Insurance Co. grew its position in Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after buying an additional 61 shares during the period. Elo Mutual Pension Insurance Co grew its position in shares of Garmin by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after acquiring an additional 70 shares during the period. Tealwood Asset Management Inc. increased its stake in shares of Garmin by 0.5% in the 4th quarter. Tealwood Asset Management Inc. now owns 15,405 shares of the scientific and technical instruments company’s stock worth $3,177,000 after purchasing an additional 75 shares in the last quarter. Buckingham Capital Management Inc. raised its holdings in 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 worth $2,062,000 after purchasing an additional 80 shares during the period. Finally, Brighton Jones LLC lifted its position in Garmin by 5.8% during the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after purchasing an additional 83 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Garmin

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

Garmin Price Performance

Garmin stock opened at $215.50 on Friday. The firm’s 50 day moving average price is $211.45 and its 200-day moving average price is $187.12. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97. The stock has a market cap of $41.38 billion, a P/E ratio of 27.35, a PEG ratio of 1.26 and a beta of 0.98.

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, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. As a group, equities analysts expect that Garmin Ltd. will post 7.01 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on GRMN. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial lifted their price target 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 increased their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $171.00.

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.