SteelPeak Wealth LLC Has $1.62 Million Stake in Garmin Ltd. (NYSE:GRMN)

SteelPeak Wealth LLC reduced its stake in Garmin Ltd. (NYSE:GRMN) by 33.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,867 shares of the scientific and technical instruments company’s stock after selling 3,918 shares during the quarter. SteelPeak Wealth LLC’s holdings in Garmin were worth $1,623,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GRMN. Perigon Wealth Management LLC grew its position in shares of Garmin by 9.8% in the fourth quarter. Perigon Wealth Management LLC now owns 1,856 shares of the scientific and technical instruments company’s stock valued at $398,000 after purchasing an additional 166 shares during the last quarter. VCI Wealth Management LLC bought a new stake in Garmin during the 4th quarter valued at approximately $1,022,000. Curbstone Financial Management Corp grew its holdings in Garmin by 1.3% in the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock valued at $802,000 after buying an additional 50 shares during the last quarter. BankPlus Wealth Management LLC acquired a new stake in Garmin in the 4th quarter valued at approximately $668,000. Finally, Baldwin Wealth Partners LLC MA increased its position in Garmin by 4.5% in the 4th quarter. Baldwin Wealth Partners LLC MA now owns 83,662 shares of the scientific and technical instruments company’s stock worth $17,256,000 after buying an additional 3,568 shares during the period. Institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GRMN shares. Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial increased their price target on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $171.00.

Garmin Stock Performance

Shares of GRMN stock opened at $214.38 on Thursday. The firm has a fifty day moving average of $212.17 and a 200-day moving average of $190.07. The stock has a market cap of $41.17 billion, a price-to-earnings ratio of 27.21, a P/E/G ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings results 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. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 earnings per share. On average, sell-side analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current year.

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.