Victory Capital Management Inc. Has $16.65 Million Position in Garmin Ltd. (NYSE:GRMN)

Victory Capital Management Inc. lowered its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 42.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,565 shares of the scientific and technical instruments company's stock after selling 71,159 shares during the quarter. Victory Capital Management Inc.'s holdings in Garmin were worth $16,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GRMN. Apollon Wealth Management LLC boosted its position 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 in the last quarter. Versor Investments LP boosted its position 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 in the last quarter. Buckingham Capital Management Inc. boosted its position in shares of Garmin by 0.7% during 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 in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Garmin by 14.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 56,375 shares of the scientific and technical instruments company's stock worth $9,924,000 after purchasing an additional 7,236 shares in the last quarter. Finally, Objective Capital Management LLC purchased a new stake in shares of Garmin during the 3rd quarter worth $347,000. Institutional investors and hedge funds own 73.41% of the company's stock.

Garmin Stock Performance

GRMN traded down $1.80 during trading on Wednesday, reaching $205.57. The company had a trading volume of 855,576 shares, compared to its average volume of 859,959. The firm's 50-day simple moving average is $181.03 and its 200 day simple moving average is $173.17. The company has a market cap of $39.47 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 12-month low of $119.15 and a 12-month high of $215.55.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53. The company 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 business's revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 6.88 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GRMN shares. Morgan Stanley lowered shares of Garmin from an "equal weight" rating to an "underweight" rating and decreased their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Tigress Financial boosted their price objective 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. StockNews.com lowered shares of Garmin from a "buy" rating to a "hold" rating in a research report on Thursday, September 12th. Finally, Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an "underweight" rating in a research report on Friday, November 1st. Three 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $162.67.

Insider Transactions at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the company's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of the company's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,424 shares of company stock worth $638,159 over the last three months. 19.54% of the stock is currently owned by 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.