Commerce Bank Sells 2,998 Shares of Garmin Ltd. (NYSE:GRMN)

Commerce Bank trimmed its stake in Garmin Ltd. (NYSE:GRMN) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,767 shares of the scientific and technical instruments company’s stock after selling 2,998 shares during the quarter. Commerce Bank owned 0.08% of Garmin worth $27,596,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin in the second quarter worth $31,000. Family Firm Inc. purchased a new position in shares of Garmin in the second quarter worth $35,000. Benjamin Edwards Inc. raised its stake in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Garmin in the second quarter worth $46,000. Finally, West Oak Capital LLC purchased a new position in shares of Garmin in the second quarter worth $53,000. 73.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Tigress Financial upped their price objective on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Barclays upped their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $162.67.

Garmin Trading Down 0.9 %

NYSE:GRMN opened at $205.57 on Thursday. The stock has a 50-day moving average price of $181.03 and a 200 day moving average price of $173.17. The stock has a market capitalization of $39.47 billion, a P/E ratio of 26.09, a P/E/G ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $215.55.

Garmin (NYSE:GRMN) last posted its earnings results 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. 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 analysts’ expectations of $1.44 billion. During the same period last year, the company posted $1.41 earnings per share. Garmin’s quarterly revenue was up 24.1% on a year-over-year basis. On average, research analysts predict that Garmin Ltd. will post 6.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,424 shares of company stock valued at $638,159 in the last quarter. 19.54% of the stock is currently owned by 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.