NovaPoint Capital LLC Acquires 734 Shares of Garmin Ltd. (NYSE:GRMN)

NovaPoint Capital LLC grew its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.2% in the third quarter, HoldingsChannel.com reports. The firm owned 23,524 shares of the scientific and technical instruments company’s stock after purchasing an additional 734 shares during the period. Garmin comprises about 1.3% of NovaPoint Capital LLC’s investment portfolio, making the stock its 24th largest holding. NovaPoint Capital LLC’s holdings in Garmin were worth $4,141,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GSA Capital Partners LLP purchased a new stake in Garmin in the 1st quarter valued at $1,389,000. LBP AM SA lifted its position in shares of Garmin by 81.4% during the 1st quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock worth $1,084,000 after buying an additional 3,268 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Garmin by 3.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock worth $25,861,000 after buying an additional 5,945 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Garmin by 51.7% in the 1st quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after buying an additional 9,681 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Garmin by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock valued at $26,500,000 after acquiring an additional 7,553 shares in the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Up 0.6 %

Shares of NYSE GRMN opened at $167.49 on Friday. The stock’s 50-day moving average is $174.03 and its 200 day moving average is $165.60. The stock has a market cap of $32.17 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $184.42.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm posted $1.45 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. On average, analysts forecast that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Barclays lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th. Three research analysts have rated the stock with a sell rating, three have issued 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 price target of $158.50.

Insider Activity

In other Garmin news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is currently owned by insiders.

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.