Thrivent Financial for Lutherans Sells 26,175 Shares of Garmin Ltd. $GRMN

Thrivent Financial for Lutherans reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 3.9% during the third quarter, Holdings Channel reports. The fund owned 642,603 shares of the scientific and technical instruments company’s stock after selling 26,175 shares during the period. Thrivent Financial for Lutherans’ holdings in Garmin were worth $158,222,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GRMN. Brighton Jones LLC lifted its holdings in Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after buying an additional 463 shares during the period. NewEdge Advisors LLC boosted its position in shares of Garmin by 6.2% in the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock worth $1,278,000 after purchasing an additional 345 shares in the last quarter. Woodline Partners LP grew its stake in shares of Garmin by 40.6% in the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock worth $2,826,000 after acquiring an additional 3,757 shares during the last quarter. Focus Partners Wealth increased its stake in Garmin by 51.1% during the 1st quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock valued at $1,479,000 after purchasing an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC increased its position in shares of Garmin by 17.0% during the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock valued at $347,000 after acquiring an additional 242 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Barclays raised shares of Garmin from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $208.00 to $217.00 in a research report on Friday, January 16th. Morgan Stanley upped their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective on the stock in a research report on Wednesday, December 3rd. Finally, Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.40.

Insider Activity

In other Garmin news, COO Patrick Desbois sold 3,678 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $210.40, for a total transaction of $773,851.20. Following the transaction, the chief operating officer directly owned 61,798 shares of the company’s stock, valued at $13,002,299.20. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 10,431 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total value of $2,151,185.13. Following the sale, the chief executive officer owned 135,180 shares of the company’s stock, valued at $27,878,171.40. The trade was a 7.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,594 shares of company stock worth $3,437,592 over the last three months. 15.38% of the stock is currently owned by corporate insiders.

Garmin Trading Down 1.5%

NYSE GRMN opened at $201.48 on Friday. The company has a fifty day simple moving average of $204.58 and a two-hundred day simple moving average of $221.99. The stock has a market cap of $38.75 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.16 and a beta of 1.00. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.99. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.Garmin’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.99 earnings per share. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.