Trek Financial LLC Purchases 10,579 Shares of Garmin Ltd. $GRMN

Key Points

• Trek Financial purchased 10,579 Garmin shares worth approximately $3.03 million during the third quarter. Institutional investors collectively own 81.6% of Garmin’s outstanding stock.
• Garmin reported quarterly earnings of $2.76 per share, beating estimates of $2.38, while revenue rose 12.2% year over year to $1.99 billion. The company posted a 25.58% net margin and analysts expect $10.84 in full-year EPS.
• Analysts maintain a consensus “Hold” rating with an average price target of $315.29, compared with the stock’s reported price of $274.69. An insider also sold 9,941 shares for nearly $3.0 million.

Trek Financial LLC bought a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,579 shares of the scientific and technical instruments company's stock, valued at approximately $3,034,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Elevation Wealth Partners LLC lifted its position in Garmin by 336.4% during the third quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company's stock valued at $28,000 after purchasing an additional 74 shares in the last quarter. Latitude Advisors LLC purchased a new stake in Garmin in the 3rd quarter worth approximately $32,000. CoreCap Advisors LLC raised its stake in Garmin by 216.2% during the 3rd quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company's stock worth $34,000 after acquiring an additional 80 shares during the period. Groupe la Francaise raised its stake in Garmin by 346.4% during the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company's stock worth $29,000 after acquiring an additional 97 shares during the period. Finally, Ninety One UK Ltd bought a new stake in Garmin during the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE GRMN opened at $274.69 on Tuesday. The company has a market capitalization of $52.97 billion, a P/E ratio of 26.36, a P/E/G ratio of 2.84 and a beta of 0.82. Garmin Ltd. has a one year low of $186.67 and a one year high of $314.28. The stock has a 50 day moving average price of $282.20 and a 200-day moving average price of $253.92.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, beating analysts' consensus estimates of $2.38 by $0.38. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. Garmin had a net margin of 25.58% and a return on equity of 21.94%. Garmin's revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share. As a group, equities analysts predict that Garmin Ltd. will post 10.84 EPS for the current fiscal year.

Insider Activity at Garmin

In other Garmin 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 completion of the transaction, the insider directly owned 29,506 shares of the company's stock, valued at $8,832,916.16. This trade represents a 25.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 14.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on GRMN. UBS Group set a $370.00 price target on shares of Garmin in a report on Thursday, August 6th. Arete Research started coverage on shares of Garmin in a research note on Wednesday, October 14th. They issued a "buy" rating and a $335.00 price objective for the company. KeyCorp restated a "sector weight" rating on shares of Garmin in a research report on Thursday. Morgan Stanley lifted their target price on shares of Garmin from $289.00 to $295.00 and gave the company an "equal weight" rating in a research note on Thursday. Finally, Barclays lowered their target price on shares of Garmin from $297.00 to $277.00 and set an "equal weight" rating on the stock in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $315.29.

Garmin Profile

Garmin Ltd. NYSE: GRMN designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.

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