Garmin Ltd. (NYSE:GRMN) Shares Sold by Diversified Investment Strategies LLC

Diversified Investment Strategies LLC cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 2.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 12,532 shares of the scientific and technical instruments company’s stock after selling 285 shares during the period. Garmin makes up approximately 1.7% of Diversified Investment Strategies LLC’s investment portfolio, making the stock its 16th biggest position. Diversified Investment Strategies LLC’s holdings in Garmin were worth $2,585,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. Pinnacle Bancorp Inc. acquired a new position in shares of Garmin during the fourth quarter worth $29,000. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin in the 2nd quarter valued at about $31,000. Larson Financial Group LLC raised its stake in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in Garmin in the 3rd quarter valued at $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Garmin in the 3rd quarter worth $59,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the transaction, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $216.85 on Wednesday. The business’s fifty day moving average price is $211.97 and its two-hundred day moving average price is $189.72. The stock has a market cap of $41.64 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a one year low of $119.15 and a one year high of $222.97.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the business posted $1.41 EPS. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, equities research analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on GRMN. Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Morgan Stanley downgraded shares of 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 report on Monday, October 7th. Finally, Tigress Financial boosted their price target on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus price target of $171.00.

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.