Passumpsic Savings Bank Takes Position in Garmin Ltd. (NYSE:GRMN)

Passumpsic Savings Bank acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 17,821 shares of the scientific and technical instruments company's stock, valued at approximately $3,137,000. Garmin accounts for approximately 2.1% of Passumpsic Savings Bank's investment portfolio, making the stock its 16th biggest position.

Several other large investors have also recently bought and sold shares of the company. RFG Advisory LLC acquired a new position in shares of Garmin in the second quarter valued at approximately $234,000. Sequoia Financial Advisors LLC raised its stake in shares of Garmin by 3.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,629 shares of the scientific and technical instruments company's stock valued at $428,000 after purchasing an additional 86 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Garmin by 15.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,726 shares of the scientific and technical instruments company's stock valued at $1,910,000 after purchasing an additional 1,564 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Garmin in the second quarter valued at about $112,000. Finally, PGGM Investments boosted its position in shares of Garmin by 2.1% during the second quarter. PGGM Investments now owns 30,766 shares of the scientific and technical instruments company's stock worth $5,012,000 after buying an additional 641 shares during the period. Institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

NYSE:GRMN traded up $1.52 during mid-day trading on Wednesday, hitting $220.73. The stock had a trading volume of 864,384 shares, compared to its average volume of 858,656. The company's 50 day simple moving average is $193.75 and its 200 day simple moving average is $178.25. The stock has a market cap of $42.38 billion, a price-to-earnings ratio of 28.01, a PEG ratio of 1.44 and a beta of 0.97. Garmin Ltd. has a twelve month low of $119.15 and a twelve month high of $222.97.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share 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 business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.44 billion. During the same quarter in the prior year, the business earned $1.41 EPS. The firm's revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current year.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of Garmin 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 completion of the sale, the director now owns 6,147 shares in the company, valued at $1,291,484.70. The trade was 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. 19.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on GRMN. Morgan Stanley cut Garmin from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial boosted their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a "strong-buy" rating in a research report on Thursday, September 19th. Barclays increased their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock 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 report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $162.67.

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.