Marshall Financial Group LLC Cuts Holdings in Garmin Ltd. (NYSE:GRMN)

Marshall Financial Group LLC trimmed its position in Garmin Ltd. (NYSE:GRMN) by 3.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 15,039 shares of the scientific and technical instruments company’s stock after selling 564 shares during the period. Garmin comprises 0.8% of Marshall Financial Group LLC’s investment portfolio, making the stock its 26th biggest position. Marshall Financial Group LLC’s holdings in Garmin were worth $3,102,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. raised its position in Garmin by 123.2% in the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after acquiring an additional 156,441 shares during the period. Algert Global LLC purchased a new stake in shares of Garmin during the 2nd quarter worth approximately $508,000. Dynamic Advisor Solutions LLC bought a new stake in shares of Garmin in the 3rd quarter worth approximately $695,000. Trajan Wealth LLC lifted its stake in Garmin by 9.1% in the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock valued at $14,498,000 after purchasing an additional 6,878 shares during the last quarter. Finally, Passumpsic Savings Bank bought a new position in Garmin during the third quarter valued at $3,137,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Activity at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin 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 sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 0.6 %

GRMN opened at $214.37 on Friday. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97. The business’s 50-day moving average price is $211.85 and its 200-day moving average price is $189.01. The company has a market cap of $41.16 billion, a P/E ratio of 27.20, a P/E/G ratio of 1.31 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion for 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 business’s revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the business earned $1.41 earnings per share. Equities research analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GRMN. Tigress Financial boosted their price target on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Barclays raised their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, Morgan Stanley cut 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. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $171.00.

Garmin Company 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.