Simmons Bank Has $239,000 Position in Garmin Ltd. (NYSE:GRMN)

Simmons Bank cut its holdings in Garmin Ltd. (NYSE:GRMN) by 27.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,355 shares of the scientific and technical instruments company’s stock after selling 515 shares during the quarter. Simmons Bank’s holdings in Garmin were worth $239,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Haverford Trust Co acquired a new position in shares of Garmin during the third quarter worth about $229,000. Apollon Wealth Management LLC boosted its position in Garmin by 4.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 13,673 shares of the scientific and technical instruments company’s stock worth $2,407,000 after acquiring an additional 553 shares during the last quarter. Versor Investments LP grew its stake in shares of Garmin by 1.8% during the 3rd quarter. Versor Investments LP now owns 16,405 shares of the scientific and technical instruments company’s stock worth $2,888,000 after acquiring an additional 293 shares in the last quarter. Buckingham Capital Management Inc. raised its holdings in shares of 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 during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its position in shares of Garmin by 14.7% in the third quarter. Crossmark Global Holdings Inc. now owns 56,375 shares of the scientific and technical instruments company’s stock worth $9,924,000 after purchasing an additional 7,236 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Performance

GRMN stock opened at $211.32 on Friday. Garmin Ltd. has a 52 week low of $118.51 and a 52 week high of $215.55. The company’s 50-day simple moving average is $178.79 and its 200 day simple moving average is $171.60. The company has a market capitalization of $40.58 billion, a PE ratio of 26.82, a price-to-earnings-growth ratio of 3.25 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its quarterly 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. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. On average, analysts forecast that Garmin Ltd. will post 6.88 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 19.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on 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 $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,479 shares of company stock worth $2,419,502. Company insiders own 19.54% of the company’s stock.

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.