Nova R Wealth Inc. Reduces Position in Garmin Ltd. (NYSE:GRMN)

by · The Cerbat Gem

Nova R Wealth Inc. trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,724 shares of the scientific and technical instruments company’s stock after selling 631 shares during the quarter. Garmin comprises 1.0% of Nova R Wealth Inc.’s investment portfolio, making the stock its 22nd biggest holding. Nova R Wealth Inc.’s holdings in Garmin were worth $2,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in GRMN. Clearstead Trust LLC acquired a new stake in Garmin during the 1st quarter worth approximately $30,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin in the second quarter valued at $31,000. Family Firm Inc. acquired a new position in Garmin in the second quarter valued at $35,000. Benjamin Edwards Inc. lifted its stake in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Garmin in the second quarter worth about $46,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were 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 $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 in the last three months. Company insiders own 19.54% of the company’s stock.

Garmin Stock Down 0.2 %

GRMN traded down $0.31 during midday trading on Tuesday, hitting $167.65. The company had a trading volume of 359,534 shares, compared to its average volume of 834,983. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $184.42. The company has a market capitalization of $32.20 billion, a price-to-earnings ratio of 23.69, a PEG ratio of 2.85 and a beta of 0.99. The stock’s 50 day moving average price is $173.91 and its 200 day moving average price is $165.32.

Garmin (NYSE:GRMN – Get Free Report) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.40 by $0.18. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.45 earnings per share. Research analysts predict that Garmin Ltd. will post 6.08 EPS for the current year.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. Finally, Tigress Financial increased their target price 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 investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $158.50.

View Our Latest Research Report on Garmin

Garmin Company Profile

(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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