Nisa Investment Advisors LLC Increases Position in Garmin Ltd. (NYSE:GRMN)

Nisa Investment Advisors LLC lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 30.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,791 shares of the scientific and technical instruments company’s stock after purchasing an additional 9,674 shares during the period. Nisa Investment Advisors LLC’s holdings in Garmin were worth $8,620,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC lifted its holdings in Garmin by 1.4% during the 4th quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock worth $788,000 after buying an additional 53 shares during the last quarter. Outlook Wealth Advisors LLC increased its stake in Garmin by 2.6% in the fourth quarter. Outlook Wealth Advisors LLC now owns 2,332 shares of the scientific and technical instruments company’s stock valued at $481,000 after purchasing an additional 58 shares during the last quarter. Sumitomo Life Insurance Co. raised its holdings in Garmin by 0.9% during the third quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock worth $1,177,000 after purchasing an additional 61 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Garmin by 8.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 804 shares of the scientific and technical instruments company’s stock worth $166,000 after buying an additional 63 shares during the last quarter. Finally, Tealwood Asset Management Inc. boosted its holdings in shares of Garmin by 0.5% in the 4th quarter. Tealwood Asset Management Inc. now owns 15,405 shares of the scientific and technical instruments company’s stock valued at $3,177,000 after buying an additional 75 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GRMN shares. Tigress Financial lifted their price target 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. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th. Finally, Barclays raised their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $171.00.

Insider Activity

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, 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 through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Garmin Stock Down 0.3 %

GRMN opened at $215.65 on Friday. Garmin Ltd. has a 52 week low of $119.15 and a 52 week high of $222.97. The business has a 50 day moving average price of $211.65 and a two-hundred day moving average price of $188.46. The company has a market cap of $41.41 billion, a PE ratio of 27.37, a P/E/G ratio of 1.32 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. As a group, sell-side analysts expect that Garmin Ltd. will post 7.01 EPS 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.