Victory Capital Management Inc. Decreases Holdings in Garmin Ltd. (NYSE:GRMN)

Victory Capital Management Inc. trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 42.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,565 shares of the scientific and technical instruments company’s stock after selling 71,159 shares during the period. Victory Capital Management Inc.’s holdings in Garmin were worth $16,646,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. LBP AM SA raised its stake 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 worth $1,084,000 after acquiring an additional 3,268 shares during the period. Cetera Investment Advisers raised its stake in Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after acquiring an additional 9,681 shares during the period. Algert Global LLC acquired a new stake in Garmin during the second quarter worth about $508,000. Dynamic Advisor Solutions LLC acquired a new stake in Garmin during the third quarter worth about $695,000. Finally, Trajan Wealth LLC raised its stake in Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after acquiring an additional 6,878 shares during the period. 73.41% of the stock is owned by hedge funds and other institutional investors.

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 shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction 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. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,424 shares of company stock worth $638,159. Corporate insiders own 19.54% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $207.45 on Wednesday. The firm has a 50 day simple moving average of $180.49 and a 200-day simple moving average of $172.88. The stock has a market capitalization of $39.83 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 12-month low of $118.79 and a 12-month high of $215.55.

Garmin (NYSE:GRMN) last issued its 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 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 firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. On average, analysts forecast that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays raised their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, Tigress Financial raised their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. 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, Garmin presently has a consensus rating of “Hold” and a consensus 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.