Garmin Ltd. $GRMN Stock: Alps Advisors Inc. Trims Stake

Key Points

• Alps Advisors cut its Garmin stake by 26.3% in the third quarter, selling 3,604 shares and ending the period with 10,091 shares valued at about $2.9 million. Institutional investors collectively own 81.6% of Garmin.
• Garmin reported quarterly earnings of $2.76 per share, beating the $2.38 consensus estimate; revenue of $1.99 billion matched forecasts and rose 12.2% year over year.
• Analyst sentiment was broadly neutral: Garmin had an average “Hold” rating and a consensus price target of $315.29. The stock opened at $292.40, within its 52-week range of $186.67 to $314.28.

Alps Advisors Inc. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 26.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,091 shares of the scientific and technical instruments company's stock after selling 3,604 shares during the quarter. Alps Advisors Inc.'s holdings in Garmin were worth $2,895,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GRMN. Ashton Thomas Private Wealth LLC grew its position in Garmin by 1.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 6,708 shares of the scientific and technical instruments company's stock worth $1,924,000 after buying an additional 82 shares in the last quarter. Arrow Investment Advisors LLC purchased a new position in shares of Garmin during the third quarter valued at approximately $250,000. Alta Advisers Ltd bought a new stake in Garmin in the third quarter worth $336,000. Kestra Advisory Services LLC grew its position in Garmin by 13.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 8,787 shares of the scientific and technical instruments company's stock valued at $2,520,000 after purchasing an additional 1,030 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its position in shares of Garmin by 25.6% during the third quarter. Chicago Partners Investment Group LLC now owns 10,061 shares of the scientific and technical instruments company's stock valued at $2,955,000 after acquiring an additional 2,051 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Garmin Stock Up 2.4%

Garmin stock opened at $292.40 on Tuesday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The firm's fifty day moving average is $281.84 and its 200 day moving average is $255.84. The company has a market cap of $56.35 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 2.86 and a beta of 0.90.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.38. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Garmin had a return on equity of 21.94% and a net margin of 25.58%. Garmin's quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.99 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 9,941 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the sale, the insider owned 29,506 shares in the company, valued at $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 14.80% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. KeyCorp reiterated a "sector weight" rating on shares of Garmin in a research report on Thursday, October 29th. Bank of America reaffirmed an "underperform" rating on shares of Garmin in a report on Monday, November 2nd. UBS Group set a $370.00 price objective on shares of Garmin in a report on Thursday, August 6th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $295.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, October 29th. Finally, Tigress Financial reiterated a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Garmin has an average rating of "Hold" and a consensus price target of $315.29.

Garmin Profile

Garmin Ltd. develops, manufactures and markets navigation, communication and information devices and applications. Its products include GPS-enabled watches and fitness trackers, handheld outdoor navigation devices, marine electronics, aviation systems and automotive navigation technology.

Founded in 1989 by Gary Burrell and Min Kao, Garmin serves consumers and businesses around the world. Its products are used in activities ranging from fitness and outdoor recreation to boating, aviation and transportation.

Garmin is incorporated in Switzerland and has its operational headquarters in Olathe, Kansas.

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