Cypress Capital Group Buys 115 Shares of Garmin Ltd. (NYSE:GRMN)

Cypress Capital Group increased its holdings in Garmin Ltd. (NYSE:GRMN) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,892 shares of the scientific and technical instruments company’s stock after acquiring an additional 115 shares during the period. Cypress Capital Group’s holdings in Garmin were worth $333,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin during the second quarter valued at approximately $31,000. Family Firm Inc. purchased a new position in Garmin in the second quarter worth about $35,000. Benjamin Edwards Inc. boosted its position in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Garmin during the 2nd quarter valued at $46,000. Finally, West Oak Capital LLC bought a new position in Garmin in the second quarter worth approximately $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

In other news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction 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 directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,424 shares of company stock valued at $638,159 in the last 90 days. 19.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GRMN shares. Tigress Financial lifted their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley downgraded 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. Finally, Barclays increased their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. 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, Garmin has a consensus rating of “Hold” and a consensus price target of $162.67.

Garmin Stock Up 1.8 %

Shares of GRMN stock opened at $209.19 on Friday. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $215.55. The stock’s 50-day moving average price is $181.49 and its 200 day moving average price is $173.40. The stock has a market capitalization of $40.17 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 3.16 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.41 EPS. Analysts expect that Garmin Ltd. will post 6.88 earnings per share for the current fiscal 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.