Thrivent Financial for Lutherans Has $131.13 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Thrivent Financial for Lutherans cut its stake in Garmin Ltd. (NYSE:GRMN) by 6.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 744,917 shares of the scientific and technical instruments company’s stock after selling 48,997 shares during the period. Thrivent Financial for Lutherans’ holdings in Garmin were worth $131,128,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. University of Texas Texas AM Investment Management Co. bought a new position in shares of Garmin during the second quarter valued at $31,000. Family Firm Inc. bought a new position in shares of Garmin in the second quarter valued at approximately $35,000. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Garmin during the second quarter worth $46,000. Finally, West Oak Capital LLC acquired a new stake in shares of Garmin in the second quarter valued at $53,000. Institutional investors own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of research analyst reports. Morgan Stanley lowered 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 report on Monday, October 7th. Tigress Financial raised their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Barclays increased their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Garmin presently has a consensus rating of “Hold” and an average target price of $162.67.

Garmin Trading Down 1.4 %

NYSE:GRMN opened at $208.43 on Friday. The firm has a market capitalization of $40.02 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 1-year low of $118.51 and a 1-year high of $215.55. The business’s 50-day moving average price is $179.96 and its two-hundred day moving average price is $172.51.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.41 earnings per share. Sell-side analysts predict that Garmin Ltd. will post 6.88 earnings per share for the current year.

Insider Activity at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s 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 transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This represents a 19.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,479 shares of company stock worth $2,419,502 in the last quarter. Corporate insiders own 19.54% of the company’s stock.

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.