Passumpsic Savings Bank Invests $3.14 Million in Garmin Ltd. (NYSE:GRMN)

Passumpsic Savings Bank acquired a new position in Garmin Ltd. (NYSE:GRMN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,821 shares of the scientific and technical instruments company’s stock, valued at approximately $3,137,000. Garmin makes up approximately 2.1% of Passumpsic Savings Bank’s investment portfolio, making the stock its 16th largest position.

Other hedge funds have also recently bought and sold shares of the company. Coldstream Capital Management Inc. lifted its stake in shares of Garmin by 5.3% in the third quarter. Coldstream Capital Management Inc. now owns 15,147 shares of the scientific and technical instruments company’s stock worth $2,675,000 after buying an additional 759 shares during the last quarter. RB Capital Management LLC bought a new stake in Garmin during the third quarter valued at about $206,000. Geode Capital Management LLC grew its position in shares of Garmin by 2.7% in the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after purchasing an additional 112,815 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its stake in shares of Garmin by 3.6% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock worth $246,619,000 after purchasing an additional 48,645 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in Garmin during the 3rd quarter valued at approximately $11,604,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the business’s 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 transaction, the director now directly owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.54% of the stock is owned by insiders.

Garmin Stock Performance

NYSE:GRMN opened at $219.29 on Wednesday. The company has a 50-day moving average of $191.84 and a 200-day moving average of $177.56. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $220.78. The company has a market capitalization of $42.11 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 1.44 and a beta of 0.97.

Garmin (NYSE:GRMN) last announced its quarterly 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 firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company earned $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. Sell-side analysts forecast that Garmin Ltd. will post 7.01 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on GRMN shares. Barclays lifted their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Tigress Financial increased their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and an average target price of $162.67.

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.