Garmin Ltd. $GRMN Stock Sold by Bahl & Gaynor LLC

Key Points

• Bahl & Gaynor cut its Garmin holding by 16.4% in the third quarter, selling 107,348 shares; it retained 547,566 shares valued at about $157 million.
• Garmin reported quarterly earnings of $2.76 per share, topping the $2.38 analyst consensus, while revenue rose 12.2% year over year to $1.99 billion.
• Analysts’ overall rating was Hold, with a consensus price target of $315.29; the stock had a reported 12-month trading range of $186.67 to $314.28.

Bahl & Gaynor LLC lowered its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 16.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 547,566 shares of the scientific and technical instruments company's stock after selling 107,348 shares during the quarter. Bahl & Gaynor LLC owned approximately 0.28% of Garmin worth $157,064,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company's stock valued at $378,540,000 after buying an additional 40,474 shares during the last quarter. Bank of America Corp DE raised its position in Garmin by 73.8% during the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company's stock valued at $300,499,000 after acquiring an additional 549,954 shares in the last quarter. Amundi lifted its stake in Garmin by 82.5% in the first quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock valued at $236,027,000 after acquiring an additional 459,980 shares during the last quarter. Swiss National Bank lifted its stake in Garmin by 7.0% in the first quarter. Swiss National Bank now owns 479,800 shares of the scientific and technical instruments company's stock valued at $111,318,000 after acquiring an additional 31,400 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Garmin by 9.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 474,058 shares of the scientific and technical instruments company's stock valued at $135,979,000 after acquiring an additional 39,077 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Performance

GRMN opened at $288.97 on Wednesday. The business has a 50 day moving average price of $281.93 and a 200 day moving average price of $256.26. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28. The firm has a market cap of $55.68 billion, a P/E ratio of 27.73, a price-to-earnings-growth ratio of 2.89 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 EPS for the quarter, beating analysts' consensus estimates of $2.38 by $0.38. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The company's quarterly revenue was up 12.2% compared to the same quarter last year. As a group, analysts anticipate that Garmin Ltd. will post 10.77 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the transaction, the insider owned 29,506 shares in the company, valued at $8,832,916.16. This trade represents a 25.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 14.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group set a $370.00 target price on shares of Garmin in a research report on Thursday, August 6th. Tigress Financial restated a "strong-buy" rating on shares of Garmin in a report on Thursday, August 6th. Barclays reduced their price objective on shares of Garmin from $297.00 to $277.00 and set an "equal weight" rating for the company in a research note on Thursday, October 29th. Arete Research began coverage on shares of Garmin in a report on Wednesday, October 14th. They issued a "buy" rating and a $335.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garmin from $295.00 to $310.00 and gave the stock a "neutral" rating in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price 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.

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