Narwhal Capital Management Sells 3,726 Shares of Garmin Ltd. (NYSE:GRMN)

Narwhal Capital Management lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 16.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,447 shares of the scientific and technical instruments company’s stock after selling 3,726 shares during the period. Narwhal Capital Management’s holdings in Garmin were worth $3,805,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Public Sector Pension Investment Board increased its holdings in Garmin by 71.2% during the 2nd quarter. Public Sector Pension Investment Board now owns 5,982 shares of the scientific and technical instruments company’s stock worth $975,000 after purchasing an additional 2,487 shares during the period. MBB Public Markets I LLC bought a new position in shares of Garmin during the 2nd quarter worth $1,591,000. Scientech Research LLC purchased a new position in shares of Garmin during the second quarter valued at $337,000. Algert Global LLC bought a new stake in shares of Garmin in the second quarter valued at about $508,000. Finally, Creative Planning lifted its stake in Garmin by 7.6% in the second quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock worth $5,456,000 after acquiring an additional 2,380 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on GRMN shares. Barclays raised their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Tigress Financial boosted their price objective on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock 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 given a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $171.00.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Down 0.6 %

NYSE GRMN opened at $214.37 on Monday. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $222.97. The company has a 50 day moving average price of $211.85 and a 200 day moving average price of $189.20. The firm has a market cap of $41.16 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 1.31 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, equities research analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

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.