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

Envestnet Asset Management Inc. lowered its position in shares of Garmin Ltd. (NYSE:GRMN) by 29.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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. owned 0.10% of Garmin worth $48,744,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a report on Wednesday, December 3rd. Barclays raised Garmin from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $208.00 to $217.00 in a research note on Friday, January 16th. Finally, Morgan Stanley lifted their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $244.40.

Insider Activity at Garmin

In other news, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the completion of the sale, the chief executive officer owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Desbois sold 3,678 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the completion of the transaction, the chief operating officer owned 61,798 shares in the company, valued at $13,002,299.20. This represents a 5.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,594 shares of company stock worth $3,437,592 in the last ninety days. 19.54% of the stock is owned by company insiders.

Garmin Stock Up 1.8%

Garmin stock opened at $206.04 on Tuesday. The firm has a fifty day simple moving average of $205.63 and a two-hundred day simple moving average of $220.94. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The company has a market capitalization of $39.63 billion, a PE ratio of 25.37, a P/E/G ratio of 2.14 and a beta of 1.00.

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.