Commerce Bank Sells 2,998 Shares of Garmin Ltd. (NYSE:GRMN)

Commerce Bank lessened its stake in Garmin Ltd. (NYSE:GRMN) by 1.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 156,767 shares of the scientific and technical instruments company’s stock after selling 2,998 shares during the quarter. Commerce Bank’s holdings in Garmin were worth $27,596,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Sumitomo Life Insurance Co. increased its stake in Garmin by 0.9% in 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 buying an additional 61 shares during the period. Elo Mutual Pension Insurance Co increased its position in Garmin by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after purchasing an additional 70 shares during the period. UMB Bank n.a. increased its position in Garmin by 2.6% during the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after purchasing an additional 74 shares during the period. Buckingham Capital Management Inc. increased its position in 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 valued at $2,062,000 after purchasing an additional 80 shares during the period. Finally, Brighton Jones LLC increased its position in Garmin by 5.8% during the 2nd quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock valued at $248,000 after purchasing an additional 83 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In related 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 owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 8.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,424 shares of company stock worth $638,159. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Tigress Financial raised their target price on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays raised their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Morgan Stanley cut 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 report on Monday, October 7th. Three 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, the company presently has a consensus rating of “Hold” and an average price target of $162.67.

Garmin Stock Down 0.9 %

GRMN stock opened at $205.57 on Thursday. The firm has a 50 day moving average of $181.03 and a 200 day moving average of $173.17. The stock has a market capitalization of $39.47 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $215.55.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the business earned $1.41 EPS. Garmin’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, equities research analysts expect that Garmin Ltd. will post 6.88 earnings per share for the current year.

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.