Rhumbline Advisers Sells 21,269 Shares of Garmin Ltd. $GRMN

Rhumbline Advisers trimmed its stake in Garmin Ltd. (NYSE:GRMN) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 318,943 shares of the scientific and technical instruments company’s stock after selling 21,269 shares during the quarter. Rhumbline Advisers owned approximately 0.17% of Garmin worth $78,530,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after purchasing an additional 463 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Garmin by 6.2% in the first quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after buying an additional 345 shares during the period. Woodline Partners LP lifted its position in shares of Garmin by 40.6% during the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after buying an additional 3,757 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Garmin by 51.1% during the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock valued at $1,479,000 after buying an additional 2,304 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its stake in shares of Garmin by 17.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock worth $347,000 after acquiring an additional 242 shares during the period. 81.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GRMN. Barclays upgraded Garmin from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $208.00 to $217.00 in a research note on Friday, January 16th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research note on Wednesday, December 3rd. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Morgan Stanley upped their price target on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Garmin presently has an average rating of “Moderate Buy” and a consensus target price of $244.40.

Garmin Stock Down 1.6%

Shares of GRMN opened at $203.21 on Friday. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The stock has a market cap of $39.09 billion, a PE ratio of 25.03, a P/E/G ratio of 2.18 and a beta of 1.00. The business’s 50-day moving average price is $206.02 and its 200-day moving average price is $220.53.

Insiders Place Their Bets

In other Garmin news, COO Patrick Desbois sold 3,678 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $210.40, for a total value of $773,851.20. Following the sale, the chief operating officer directly owned 61,798 shares in the company, valued at $13,002,299.20. This represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 2,485 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer owned 28,916 shares of the company’s stock, valued at $5,964,214.16. This trade represents a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,594 shares of company stock worth $3,437,592 in the last three months. 15.38% of the stock is currently owned by corporate insiders.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.