Foster Victor Wealth Advisors LLC Increases Position in Garmin Ltd. (NYSE:GRMN)

Foster Victor Wealth Advisors LLC grew its holdings in Garmin Ltd. (NYSE:GRMN) by 1.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 74,962 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,172 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Garmin were worth $12,392,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Select Equity Group L.P. increased its stake in shares of Garmin by 0.6% during the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after acquiring an additional 11,666 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Garmin by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock worth $282,761,000 after acquiring an additional 13,968 shares during the period. Boston Partners increased its stake in shares of Garmin by 4.3% during the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after acquiring an additional 58,343 shares during the period. Marshall Wace LLP increased its stake in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after acquiring an additional 278,990 shares during the period. Finally, Captrust Financial Advisors grew its position in Garmin by 20.2% during the first quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock worth $124,982,000 after buying an additional 141,001 shares during the period. 73.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GRMN. Tigress Financial upped their target price 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 downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $181.00 to $133.00 in a report on Friday, September 13th. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $158.50.

Garmin Stock Down 0.7 %

Garmin stock opened at $166.81 on Wednesday. The firm has a fifty day moving average of $173.95 and a 200-day moving average of $165.44. The firm has a market capitalization of $32.04 billion, a P/E ratio of 23.53, a PEG ratio of 2.85 and a beta of 0.99. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $184.42.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the business earned $1.45 EPS. On average, research analysts expect that Garmin Ltd. will post 6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 in the last ninety days. Corporate insiders own 19.54% of the company’s stock.

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.