B. Riley Wealth Advisors Inc. Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

B. Riley Wealth Advisors Inc. trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 43.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,834 shares of the scientific and technical instruments company’s stock after selling 1,410 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Garmin were worth $323,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in shares of Garmin by 35.8% in the third quarter. Franklin Resources Inc. now owns 135,477 shares of the scientific and technical instruments company’s stock worth $22,755,000 after buying an additional 35,703 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Garmin in the 3rd quarter valued at $185,000. Virtu Financial LLC purchased a new stake in Garmin during the third quarter worth $501,000. Passumpsic Savings Bank acquired a new stake in Garmin during the third quarter valued at $3,137,000. Finally, Coldstream Capital Management Inc. increased its holdings in Garmin by 5.3% in the third quarter. Coldstream Capital Management Inc. now owns 15,147 shares of the scientific and technical instruments company’s stock valued at $2,675,000 after buying an additional 759 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 19.54% of the stock is owned by corporate insiders.

Garmin Price Performance

NYSE GRMN opened at $208.99 on Friday. The stock’s 50 day simple moving average is $200.02 and its 200-day simple moving average is $180.48. The company has a market cap of $40.13 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. Garmin Ltd. has a 1-year low of $119.15 and a 1-year high of $222.97.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.41 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GRMN shares. Tigress Financial increased their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Barclays lifted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $171.00.

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.