Garmin Ltd. (NYSE:GRMN) Shares Sold by Xcel Wealth Management LLC

Xcel Wealth Management LLC lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,451 shares of the scientific and technical instruments company’s stock after selling 149 shares during the period. Xcel Wealth Management LLC’s holdings in Garmin were worth $1,488,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. AQR Capital Management LLC lifted its position in Garmin by 136.7% during the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares during the period. Renaissance Technologies LLC purchased a new position in Garmin during the second quarter worth about $45,999,000. Marshall Wace LLP lifted its position in 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 worth $178,958,000 after buying an additional 278,990 shares during the period. M&G Plc purchased a new position in Garmin during the first quarter worth about $38,727,000. Finally, Wedge Capital Management L L P NC purchased a new position in Garmin during the third quarter worth about $45,501,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

GRMN has been the topic of several recent analyst reports. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial raised their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three investment 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 company. According to MarketBeat, Garmin currently has a consensus rating of “Hold” and a consensus price target of $158.50.

Garmin Stock Performance

Shares of NYSE:GRMN traded down $3.77 during mid-day trading on Tuesday, hitting $162.70. 311,628 shares of the company traded hands, compared to its average volume of 829,062. The firm has a market cap of $31.25 billion, a P/E ratio of 23.30, a PEG ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42. The firm’s 50 day simple moving average is $173.99 and its 200 day simple moving average is $166.03.

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

Insider Activity at Garmin

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

Garmin Company 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.