Nisa Investment Advisors LLC Sells 12,648 Shares of Garmin Ltd. $GRMN

by · The Markets Daily

Nisa Investment Advisors LLC reduced its position in Garmin Ltd. (NYSE:GRMN – Free Report) by 32.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 26,938 shares of the scientific and technical instruments company’s stock after selling 12,648 shares during the period. Nisa Investment Advisors LLC’s holdings in Garmin were worth $5,622,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GRMN. Groupe la Francaise bought a new position in Garmin in the first quarter worth approximately $33,000. Wayfinding Financial LLC bought a new position in Garmin in the first quarter worth approximately $34,000. Zions Bancorporation National Association UT bought a new position in shares of Garmin in the 1st quarter worth $38,000. Olde Wealth Management LLC bought a new position in shares of Garmin in the 1st quarter worth $43,000. Finally, SOA Wealth Advisors LLC. raised its position in shares of Garmin by 27.5% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock worth $56,000 after acquiring an additional 58 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Trading Down 1.3%

Shares of Garmin stock opened at $248.24 on Wednesday. Garmin Ltd. has a 12-month low of $164.01 and a 12-month high of $261.69. The firm has a market capitalization of $47.78 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 2.75 and a beta of 0.98. The firm’s 50 day simple moving average is $243.24 and its two-hundred day simple moving average is $221.14.

Garmin (NYSE:GRMN – Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business posted $1.58 EPS. Garmin’s revenue for the quarter was up 20.4% compared to the same quarter last year. On average, sell-side analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Morgan Stanley boosted their price objective on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a research note on Friday, September 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Barclays reaffirmed an “underweight” rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Tigress Financial upped their price target on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and an average price target of $228.75.

Get Our Latest Stock Analysis on Garmin

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider directly owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.54% of the stock is currently owned by insiders.

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.

Further Reading

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