Garmin Ltd. (NYSE:GRMN) Holdings Cut by ARK Investment Management LLC

ARK Investment Management LLC decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 10.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,063 shares of the scientific and technical instruments company's stock after selling 4,021 shares during the period. ARK Investment Management LLC's holdings in Garmin were worth $5,996,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sumitomo Life Insurance Co. increased its position in Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company's stock worth $1,177,000 after purchasing an additional 61 shares during the period. Elo Mutual Pension Insurance Co grew its holdings in shares of Garmin by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company's stock worth $2,290,000 after acquiring an additional 70 shares during the period. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Garmin by 3.3% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company's stock worth $344,000 after acquiring an additional 73 shares during the period. UMB Bank n.a. grew its holdings in shares of Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company's stock worth $469,000 after acquiring an additional 74 shares during the period. Finally, Brighton Jones LLC grew its holdings in shares of Garmin by 5.8% in the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company's stock worth $248,000 after acquiring an additional 83 shares during the period. Institutional investors and hedge funds own 73.41% of the company's stock.

Garmin Trading Up 1.2 %

Shares of Garmin stock traded up $2.50 during trading hours on Friday, reaching $212.84. 1,143,304 shares of the company's stock were exchanged, compared to its average volume of 859,289. Garmin Ltd. has a 52-week low of $115.34 and a 52-week high of $214.62. The firm has a market capitalization of $40.87 billion, a price-to-earnings ratio of 27.01, a price-to-earnings-growth ratio of 3.22 and a beta of 0.97. The company has a fifty day moving average of $176.88 and a 200-day moving average of $169.94.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the company posted $1.41 EPS. The business's revenue for the quarter was up 24.1% compared to the same quarter last year. On average, equities research analysts anticipate that Garmin Ltd. will post 6.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of the firm's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company's stock, valued at $1,291,484.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,479 shares of company stock valued at $2,419,502. 19.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Morgan Stanley cut Garmin from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial upped their price target on Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a report on Thursday, September 19th. Barclays upped their target price on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a research note on Friday, November 1st. Finally, StockNews.com lowered Garmin from a "buy" rating to a "hold" rating in a research note on Thursday, September 12th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $162.67.

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.