Bank of Montreal Can Has $36.45 Million Position in Garmin Ltd. (NYSE:GRMN)

Bank of Montreal Can reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 24.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 209,484 shares of the scientific and technical instruments company’s stock after selling 67,983 shares during the period. Bank of Montreal Can’s holdings in Garmin were worth $36,448,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Sumitomo Life Insurance Co. increased its stake in Garmin by 0.9% in the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after purchasing an additional 61 shares in the last quarter. Elo Mutual Pension Insurance Co increased its stake in Garmin by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after purchasing an additional 70 shares in the last quarter. UMB Bank n.a. increased its stake in Garmin by 2.6% in the second quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after purchasing an additional 74 shares in the last quarter. Buckingham Capital Management Inc. increased its stake in Garmin by 0.7% in the third quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company’s stock valued at $2,062,000 after purchasing an additional 80 shares in the last quarter. Finally, Brighton Jones LLC increased its stake in Garmin by 5.8% in the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after purchasing an additional 83 shares in the last quarter. Institutional investors own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Tigress Financial upped their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays increased 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. Finally, StockNews.com downgraded shares of 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 assigned a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $162.67.

Garmin Trading Down 0.4 %

Garmin stock opened at $212.09 on Friday. The company has a market cap of $40.73 billion, a P/E ratio of 26.91, a price-to-earnings-growth ratio of 1.42 and a beta of 0.97. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $216.44. The company has a fifty day simple moving average of $186.08 and a 200 day simple moving average of $175.15.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.41 earnings per share. On average, equities research analysts forecast that Garmin Ltd. will post 7.01 EPS for the current year.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares in the company, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.54% of the stock is owned by insiders.

Garmin 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.