SteelPeak Wealth LLC Reduces Position in Garmin Ltd. (NYSE:GRMN)

SteelPeak Wealth LLC lowered its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 33.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,867 shares of the scientific and technical instruments company's stock after selling 3,918 shares during the period. SteelPeak Wealth LLC's holdings in Garmin were worth $1,623,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Pinnacle Bancorp Inc. purchased a new position in shares of Garmin during the 4th quarter worth $29,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the 2nd quarter valued at $31,000. Larson Financial Group LLC grew its stake in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after buying an additional 162 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Garmin during the 3rd quarter valued at about $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in Garmin in the third quarter valued at approximately $59,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GRMN. Morgan Stanley downgraded shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial lifted their price target on Garmin from $215.00 to $265.00 and gave the stock a "strong-buy" rating in a research note on Monday, December 16th. Finally, Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the stock an "underweight" rating in a 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 stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $171.00.

Garmin Price Performance

GRMN stock traded up $2.68 during midday trading on Thursday, hitting $217.02. The company's stock had a trading volume of 650,383 shares, compared to its average volume of 681,667. The stock has a market capitalization of $41.67 billion, a P/E ratio of 27.54, a PEG ratio of 1.31 and a beta of 0.98. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97. The company's fifty day moving average price is $212.35 and its 200 day moving average price is $190.24.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The firm had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company's quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.41 EPS. Equities analysts expect that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

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 shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company's stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares of the company's stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

Garmin Company 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.