Blueshift Asset Management LLC Sells 12,622 Shares of Garmin Ltd. (NYSE:GRMN)

Blueshift Asset Management LLC trimmed its position in Garmin Ltd. (NYSE:GRMN) by 87.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,855 shares of the scientific and technical instruments company’s stock after selling 12,622 shares during the period. Blueshift Asset Management LLC’s holdings in Garmin were worth $327,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GRMN. FMR LLC boosted its holdings in shares of Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares in the last quarter. AQR Capital Management LLC lifted its position in Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock valued at $115,177,000 after acquiring an additional 411,084 shares during the period. Montrusco Bolton Investments Inc. bought a new stake in Garmin during the third quarter worth about $53,252,000. Renaissance Technologies LLC purchased a new stake in Garmin in the second quarter worth about $45,999,000. Finally, Marshall Wace LLP increased its stake in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Institutional investors own 73.41% of the company’s stock.

Insiders Place Their Bets

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 19.54% of the stock is currently owned by insiders.

Garmin Price Performance

Shares of NYSE:GRMN opened at $212.09 on Friday. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $216.44. The company has a market cap of $40.73 billion, a P/E ratio of 26.91, a PEG ratio of 1.42 and a beta of 0.97. The stock’s fifty day moving average price is $186.08 and its 200-day moving average price is $175.15.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the firm posted $1.41 EPS. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of several recent research reports. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Three equities research 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $162.67.

Garmin 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.