CWA Asset Management Group LLC Acquires Shares of 67,259 Garmin Ltd. (NYSE:GRMN)

CWA Asset Management Group LLC acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 67,259 shares of the scientific and technical instruments company’s stock, valued at approximately $11,840,000.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new stake in Garmin during the third quarter valued at about $59,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of Garmin during the third quarter valued at about $214,000. Principal Financial Group Inc. increased its position in shares of Garmin by 3.1% during the third quarter. Principal Financial Group Inc. now owns 199,713 shares of the scientific and technical instruments company’s stock valued at $35,155,000 after buying an additional 5,965 shares during the period. BNC Wealth Management LLC increased its position in shares of Garmin by 3.9% during the third quarter. BNC Wealth Management LLC now owns 21,642 shares of the scientific and technical instruments company’s stock valued at $3,810,000 after buying an additional 808 shares during the period. Finally, Benchmark Financial Wealth Advisors LLC increased its position in shares of Garmin by 15.7% during the third quarter. Benchmark Financial Wealth Advisors LLC now owns 1,829 shares of the scientific and technical instruments company’s stock valued at $322,000 after buying an additional 248 shares during the period. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred 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 sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, 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 transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,479 shares of company stock valued at $2,419,502. 19.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GRMN shares. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial upped their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $162.67.

Garmin Price Performance

Shares of NYSE GRMN opened at $212.84 on Friday. Garmin Ltd. has a one year low of $115.34 and a one year high of $214.62. The firm’s 50 day simple moving average is $176.88 and its two-hundred day simple moving average is $169.94. The stock has a market capitalization of $40.87 billion, a P/E ratio of 27.01, a PEG ratio of 3.18 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned $1.41 earnings per share. The business’s quarterly revenue was up 24.1% on a year-over-year basis. As a group, equities analysts expect that Garmin Ltd. will post 6.89 earnings per share for the current fiscal year.

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.