Garmin Ltd. (NYSE:GRMN) Shares Bought by King Luther Capital Management Corp

King Luther Capital Management Corp raised its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,973 shares of the scientific and technical instruments company’s stock after acquiring an additional 141 shares during the quarter. King Luther Capital Management Corp’s holdings in Garmin were worth $1,580,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin in the second quarter valued at approximately $31,000. Family Firm Inc. acquired a new position in shares of Garmin in the 2nd quarter valued at $35,000. Benjamin Edwards Inc. grew its position in shares of Garmin by 73.3% in the 2nd 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 acquired a new stake in Garmin during the 2nd quarter worth $46,000. Finally, West Oak Capital LLC purchased a new stake in Garmin in the second quarter valued at $53,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Trading Up 0.5 %

NYSE:GRMN opened at $210.22 on Friday. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $215.55. The stock’s 50 day simple moving average is $182.02 and its 200-day simple moving average is $173.65. The firm has a market cap of $40.37 billion, a P/E ratio of 26.68, a PEG ratio of 3.16 and a beta of 0.97.

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

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on 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 owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,424 shares of company stock worth $638,159 over the last 90 days. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley lowered 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. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays raised their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Tigress Financial upped their price target 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. 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 MarketBeat, the company has a consensus rating of “Hold” and an average target price of $162.67.

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.