Raymond James & Associates Has $20.93 Million Stake in Garmin Ltd. (NYSE:GRMN)

Raymond James & Associates reduced its stake in Garmin Ltd. (NYSE:GRMN) by 15.9% in the 3rd quarter, Holdings Channel reports. The firm owned 118,924 shares of the scientific and technical instruments company’s stock after selling 22,412 shares during the period. Raymond James & Associates’ holdings in Garmin were worth $20,934,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in GRMN. Clearstead Trust LLC bought a new stake in shares of Garmin during the 1st quarter worth $30,000. University of Texas Texas AM Investment Management Co. acquired a new position in Garmin during the 2nd quarter worth $31,000. Family Firm Inc. bought a new stake in Garmin during the second quarter valued at about $35,000. Benjamin Edwards Inc. grew its position in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Garmin in the second quarter worth about $46,000. Institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin 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 completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 over the last three months. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of GRMN stock opened at $162.30 on Friday. The firm has a fifty day moving average of $173.31 and a 200-day moving average of $166.17. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42. The stock has a market cap of $31.17 billion, a price-to-earnings ratio of 22.89, a P/E/G ratio of 2.85 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the company earned $1.45 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. On average, sell-side analysts predict that Garmin Ltd. will post 6.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research analyst reports. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $158.50.

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.