Garmin Ltd. $GRMN Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. lowered its position in Garmin Ltd. (NYSE:GRMN) by 12.2% in the third quarter, HoldingsChannel.com reports. The fund owned 26,547 shares of the scientific and technical instruments company’s stock after selling 3,688 shares during the quarter. Vontobel Holding Ltd.’s holdings in Garmin were worth $7,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of GRMN. Elevation Wealth Partners LLC increased its stake in shares of Garmin by 336.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 74 shares during the last quarter. Groupe la Francaise raised its holdings in shares of Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 97 shares during the period. Reflection Asset Management bought a new stake in shares of Garmin in the 4th quarter valued at about $32,000. CoreCap Advisors LLC lifted its stake in Garmin by 216.2% in the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 80 shares during the last quarter. Finally, Archer Investment Corp acquired a new stake in Garmin in the 1st quarter valued at about $37,000. Institutional investors own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GRMN shares. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. UBS Group set a $370.00 price objective on Garmin in a research report on Thursday, August 6th. KeyCorp reaffirmed a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. Finally, Arete Research began coverage on Garmin in a research note on Wednesday. They set a “buy” rating and a $335.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Garmin has an average rating of “Moderate Buy” and an average target price of $313.71.

Garmin Price Performance

Shares of GRMN opened at $285.24 on Friday. The firm has a market capitalization of $55.01 billion, a PE ratio of 29.41, a PEG ratio of 3.18 and a beta of 0.82. The company’s 50-day moving average is $285.82 and its 200-day moving average is $261.20. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $314.28.

Garmin (NYSE:GRMN) last posted its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. Garmin’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.17 EPS. Analysts predict that Garmin Ltd. will post 10.08 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 986 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $292.88, for a total transaction of $288,779.68. Following the completion of the sale, the director directly owned 6,021 shares in the company, valued at $1,763,430.48. This trade represents a 14.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 4,029 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the sale, the chief executive officer owned 120,127 shares of the company’s stock, valued at $36,038,100. This trade represents a 3.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,108 shares of company stock valued at $4,808,799 in the last 90 days. Insiders own 14.80% of the company’s stock.

Garmin Company Profile

Garmin Ltd. is a technology company that develops products using global positioning system (GPS), satellite communications and other location-based technologies. The company serves consumers, businesses and professional users through product lines focused on fitness, outdoor recreation, aviation, marine and automotive applications.

Its offerings include smartwatches and fitness trackers, cycling computers, navigation devices, satellite communicators, outdoor handhelds, marine chartplotters and sonar systems, and aviation navigation and communication equipment.