First Horizon Advisors Inc. Buys 614 Shares of Garmin Ltd. (NYSE:GRMN)

First Horizon Advisors Inc. grew its position in Garmin Ltd. (NYSE:GRMN) by 0.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 124,434 shares of the scientific and technical instruments company’s stock after acquiring an additional 614 shares during the period. First Horizon Advisors Inc.’s holdings in Garmin were worth $21,904,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in Garmin by 136.7% during the 2nd quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after acquiring an additional 411,084 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Garmin in the second quarter worth $45,999,000. Marshall Wace LLP grew its stake in shares of Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after purchasing an additional 278,990 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Garmin by 123.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,281 shares of the scientific and technical instruments company’s stock worth $85,600,000 after purchasing an additional 268,996 shares during the last quarter. Finally, Wedge Capital Management L L P NC acquired a new position in Garmin during the 3rd quarter worth about $45,501,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the subject of several recent research reports. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Tigress Financial increased their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays boosted their price target 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, 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. Three 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $162.67.

Garmin Stock Down 0.9 %

Garmin stock opened at $207.45 on Wednesday. The company has a market capitalization of $39.83 billion, a PE ratio of 26.33, a PEG ratio of 3.17 and a beta of 0.97. The firm’s fifty day moving average is $181.03 and its 200 day moving average is $173.17. Garmin Ltd. has a 12-month low of $118.79 and a 12-month high of $215.55.

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

Insider Buying and Selling

In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This represents a 3.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,424 shares of company stock valued at $638,159. 19.54% of the stock is owned by company 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.