Oppenheimer & Co. Inc. Decreases Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Oppenheimer & Co. Inc. trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 9.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,295 shares of the scientific and technical instruments company's stock after selling 2,530 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Garmin were worth $4,453,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Haverford Trust Co purchased a new stake in Garmin during the third quarter worth about $229,000. Apollon Wealth Management LLC increased its stake in shares of Garmin by 4.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 13,673 shares of the scientific and technical instruments company's stock worth $2,407,000 after purchasing an additional 553 shares during the last quarter. Versor Investments LP increased its stake in shares of Garmin by 1.8% during the 3rd quarter. Versor Investments LP now owns 16,405 shares of the scientific and technical instruments company's stock worth $2,888,000 after purchasing an additional 293 shares during the last quarter. Buckingham Capital Management Inc. raised its holdings in shares of Garmin by 0.7% in the 3rd quarter. Buckingham Capital Management Inc. now owns 11,715 shares of the scientific and technical instruments company's stock worth $2,062,000 after purchasing an additional 80 shares during the period. Finally, Crossmark Global Holdings Inc. grew its holdings in Garmin by 14.7% during the third quarter. Crossmark Global Holdings Inc. now owns 56,375 shares of the scientific and technical instruments company's stock valued at $9,924,000 after purchasing an additional 7,236 shares during the period. 73.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GRMN has been the topic of several research reports. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the company a "strong-buy" rating in a research note on Thursday, September 19th. StockNews.com lowered shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Morgan Stanley lowered shares of Garmin from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Barclays upped 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 investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of "Hold" and a consensus target price of $162.67.

Insider Transactions at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of Garmin 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company's stock, valued at approximately $7,257,359.40. The trade was a 19.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,479 shares of company stock valued at $2,419,502. Insiders own 19.54% of the company's stock.

Garmin Trading Down 0.9 %

Shares of Garmin stock traded down $1.86 during trading on Friday, hitting $209.51. The stock had a trading volume of 281,707 shares, compared to its average volume of 858,234. Garmin Ltd. has a 12 month low of $118.51 and a 12 month high of $215.55. The firm has a market cap of $40.23 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 3.24 and a beta of 0.97. The business's 50-day moving average is $179.40 and its 200 day moving average is $171.87.

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 (EPS) for the quarter, beating 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 firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the company posted $1.41 EPS. The company's revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities analysts expect that Garmin Ltd. will post 6.88 EPS for the current year.

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.