Objective Capital Management LLC Buys New Position in Garmin Ltd. (NYSE:GRMN)

by · The Cerbat Gem

Objective Capital Management LLC bought a new stake in Garmin Ltd. (NYSE:GRMN – Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,974 shares of the scientific and technical instruments company’s stock, valued at approximately $347,000.

Several other large investors also recently made changes to their positions in GRMN. LBP AM SA raised its position in Garmin by 81.4% during the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock valued at $1,084,000 after acquiring an additional 3,268 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Garmin by 3.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after purchasing an additional 5,945 shares during the period. Cetera Investment Advisers raised its position in shares of Garmin by 51.7% in the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock valued at $4,227,000 after purchasing an additional 9,681 shares during the period. Russell Investments Group Ltd. raised its position in shares of Garmin by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock valued at $26,500,000 after purchasing an additional 7,553 shares during the period. Finally, Twin Tree Management LP acquired a new stake in shares of Garmin in the first quarter worth $3,680,000. Institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

Shares of NYSE GRMN traded up $2.38 during midday trading on Friday, hitting $212.72. 1,143,309 shares of the stock traded hands, compared to its average volume of 1,019,036. The company has a market cap of $40.85 billion, a PE ratio of 27.01, a P/E/G ratio of 3.18 and a beta of 0.97. Garmin Ltd. has a one year low of $115.34 and a one year high of $214.62. The business has a 50 day moving average price of $176.88 and a two-hundred day moving average price of $169.94.

Garmin (NYSE:GRMN – Get Free Report) 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 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 the consensus estimate of $1.44 billion. During the same quarter in the prior year, the company earned $1.41 EPS. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities research analysts forecast that Garmin Ltd. will post 6.89 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GRMN shares. Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $162.67.

View Our Latest Research Report on GRMN

Insider Buying and Selling

In related news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Garmin news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction 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. The trade was a 0.00 % 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 hyperlink. Also, Director Philip Straub sold 2,750 shares of Garmin 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 sale, the director now directly 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 quarter, insiders have sold 13,479 shares of company stock valued at $2,419,502. Corporate insiders own 19.54% of the company’s stock.

About Garmin

(Free Report)

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.

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