Sumitomo Mitsui Trust Group Inc. Sells 18,410 Shares of Garmin Ltd. $GRMN

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 4.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 392,741 shares of the scientific and technical instruments company’s stock after selling 18,410 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Garmin were worth $112,654,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GRMN. Elevation Wealth Partners LLC boosted its position in shares of Garmin by 336.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 74 shares during the last quarter. Latitude Advisors LLC bought a new position in shares of Garmin in the third quarter worth approximately $32,000. CoreCap Advisors LLC increased its position in shares of Garmin by 216.2% in the third quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock worth $34,000 after purchasing an additional 80 shares during the last quarter. Groupe la Francaise increased its position in shares of Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 97 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new stake in Garmin in the third quarter valued at approximately $41,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 9,941 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the transaction, the insider directly owned 29,506 shares of the company’s stock, valued at approximately $8,832,916.16. This trade represents a 25.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.80% of the stock is currently owned by insiders.

Garmin Stock Performance

Shares of Garmin stock opened at $274.69 on Tuesday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $314.28. The stock has a market capitalization of $52.97 billion, a price-to-earnings ratio of 26.10, a price-to-earnings-growth ratio of 2.84 and a beta of 0.82. The company has a fifty day moving average of $282.20 and a 200-day moving average of $253.92.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 EPS for the quarter, beating the consensus estimate of $2.38 by $0.38. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Garmin had a net margin of 25.58% and a return on equity of 21.94%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.99 EPS. On average, equities research analysts forecast that Garmin Ltd. will post 10.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GRMN shares. KeyCorp reiterated a “sector weight” rating on shares of Garmin in a research report on Thursday. Bank of America reissued an “underperform” rating on shares of Garmin in a research note on Monday. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. Morgan Stanley lifted their price objective on shares of Garmin from $289.00 to $295.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $315.29.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.