Garmin Ltd. (NYSE:GRMN) Stake Reduced by Segment Wealth Management LLC

Segment Wealth Management LLC cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,721 shares of the scientific and technical instruments company’s stock after selling 175 shares during the period. Garmin comprises 1.5% of Segment Wealth Management LLC’s portfolio, making the stock its 10th biggest position. Segment Wealth Management LLC’s holdings in Garmin were worth $21,600,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in GRMN. MassMutual Private Wealth & Trust FSB lifted its stake in Garmin by 8.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 804 shares of the scientific and technical instruments company’s stock worth $166,000 after acquiring an additional 63 shares during the period. UMB Bank n.a. raised its holdings in shares of Garmin by 5.8% in the 4th quarter. UMB Bank n.a. now owns 3,598 shares of the scientific and technical instruments company’s stock valued at $742,000 after purchasing an additional 196 shares in the last quarter. Strong Tower Advisory Services lifted its position in shares of Garmin by 1.1% in the 4th quarter. Strong Tower Advisory Services now owns 14,535 shares of the scientific and technical instruments company’s stock worth $2,998,000 after purchasing an additional 152 shares during the period. M.E. Allison & CO. Inc. bought a new position in shares of Garmin during the fourth quarter valued at approximately $439,000. Finally, Diversify Advisory Services LLC purchased a new position in Garmin during the fourth quarter valued at approximately $230,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Performance

Garmin stock opened at $215.50 on Tuesday. The stock has a market cap of $41.38 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 1.30 and a beta of 0.98. The stock has a 50-day moving average of $211.45 and a two-hundred day moving average of $187.48. Garmin Ltd. has a one year low of $119.15 and a one year high of $222.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 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 firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the firm posted $1.41 EPS. Garmin’s revenue was up 24.1% on a year-over-year basis. As a group, sell-side analysts predict that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Tigress Financial upped their target price on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $171.00.

Garmin 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.