Envestnet Asset Management Inc. Sells 84,394 Shares of Garmin Ltd. $GRMN

Envestnet Asset Management Inc. cut its holdings in Garmin Ltd. (NYSE:GRMN) by 29.9% during the 3rd quarter, Holdings Channel reports. The firm owned 197,968 shares of the scientific and technical instruments company’s stock after selling 84,394 shares during the period. Envestnet Asset Management Inc.’s holdings in Garmin were worth $48,744,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Quaker Wealth Management LLC lifted its holdings in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 264 shares during the period. Richardson Financial Services Inc. lifted its stake in Garmin by 62.2% in the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 51 shares during the period. Cornerstone Planning Group LLC boosted its holdings in Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after acquiring an additional 142 shares in the last quarter. Tradewinds Capital Management LLC bought a new stake in Garmin in the third quarter valued at $44,000. Finally, SJS Investment Consulting Inc. increased its position in Garmin by 1,530.8% during the 3rd quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 199 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GRMN. Barclays raised shares of Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $208.00 to $217.00 in a research note on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price on the stock in a report on Wednesday, December 3rd. Finally, Morgan Stanley raised their target price on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.40.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the transaction, the chief executive officer owned 135,180 shares in the company, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the sale, the chief financial officer directly owned 28,916 shares in the company, valued at $5,964,214.16. This trade represents a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,594 shares of company stock valued at $3,437,592. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Up 1.8%

Shares of GRMN opened at $206.04 on Tuesday. The stock has a market cap of $39.63 billion, a P/E ratio of 25.37, a P/E/G ratio of 2.14 and a beta of 1.00. The business’s 50 day moving average price is $205.63 and its 200-day moving average price is $220.94. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69.

Garmin 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.