Novem Group Takes Position in Garmin Ltd. (NYSE:GRMN)

Novem Group purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,783 shares of the scientific and technical instruments company's stock, valued at approximately $987,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in shares of Garmin during the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd increased its position in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock valued at $28,000 after buying an additional 121 shares during the period. SOA Wealth Advisors LLC. bought a new stake in shares of Garmin during the fourth quarter valued at about $37,000. Kentucky Trust Co bought a new stake in shares of Garmin during the fourth quarter valued at about $41,000. Finally, Venturi Wealth Management LLC increased its position in shares of Garmin by 67.7% during the fourth quarter. Venturi Wealth Management LLC now owns 208 shares of the scientific and technical instruments company's stock valued at $43,000 after buying an additional 84 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Tigress Financial upped their price target on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. Barclays decreased their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $206.00.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now owns 149,525 shares of the company's stock, valued at $33,963,108.50. This represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the sale, the chief operating officer now directly owns 63,048 shares of the company's stock, valued at approximately $14,321,353.20. This represents a 9.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock valued at $5,486,094 over the last quarter. 15.38% of the stock is owned by corporate insiders.

Garmin Stock Down 0.5%

Shares of GRMN stock traded down $1.06 during trading on Friday, hitting $200.52. The company had a trading volume of 535,860 shares, compared to its average volume of 879,463. The stock's 50-day moving average is $197.48 and its two-hundred day moving average is $208.52. The stock has a market capitalization of $38.61 billion, a price-to-earnings ratio of 27.43, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99. Garmin Ltd. has a 52 week low of $158.38 and a 52 week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $1.42 earnings per share. On average, research analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Company Profile

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.