Peterson Wealth Services Lowers Holdings in Garmin Ltd. $GRMN

Peterson Wealth Services lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 98.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 226 shares of the scientific and technical instruments company’s stock after selling 17,761 shares during the quarter. Peterson Wealth Services’ holdings in Garmin were worth $56,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GRMN. Andra AP fonden lifted its position in Garmin by 87.2% during the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after acquiring an additional 31,200 shares in the last quarter. First Horizon Advisors Inc. grew its position in Garmin by 4.2% in the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock valued at $25,370,000 after acquiring an additional 4,943 shares in the last quarter. EFG Asset Management Americas Corp. raised its stake in shares of Garmin by 34.1% during the second quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock valued at $2,182,000 after purchasing an additional 2,659 shares during the period. Vanguard Group Inc. lifted its position in shares of Garmin by 6.9% during the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after purchasing an additional 1,273,163 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Garmin by 25.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company’s stock valued at $5,314,000 after purchasing an additional 4,437 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Barclays raised Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $208.00 to $217.00 in a research report on Friday, January 16th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research note on Wednesday, December 3rd. Finally, Morgan Stanley upped their target price on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $244.40.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 2,485 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the completion of the sale, the chief financial officer owned 28,916 shares in the company, valued at $5,964,214.16. The trade was a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Patrick Desbois sold 3,678 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the sale, the chief operating officer directly owned 61,798 shares in the company, valued at $13,002,299.20. This trade represents a 5.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,594 shares of company stock valued at $3,437,592 over the last 90 days. 19.54% of the stock is owned by company insiders.

Garmin Trading Down 2.9%

Shares of GRMN opened at $200.85 on Wednesday. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69. The firm has a market cap of $38.63 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 2.19 and a beta of 1.00. The stock has a 50 day moving average of $205.03 and a 200-day moving average of $221.69.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.