Garmin Ltd. (NYSE:GRMN) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its position in Garmin Ltd. (NYSE:GRMN) by 6.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 744,917 shares of the scientific and technical instruments company’s stock after selling 48,997 shares during the period. Thrivent Financial for Lutherans owned approximately 0.39% of Garmin worth $131,128,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GRMN. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the second quarter worth approximately $31,000. Family Firm Inc. bought a new stake in Garmin during the 2nd quarter valued at $35,000. Benjamin Edwards Inc. boosted its position in Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Headlands Technologies LLC bought a new position in shares of Garmin in the second quarter worth $46,000. Finally, West Oak Capital LLC acquired a new position in shares of Garmin during the second quarter valued at $53,000. 73.41% of the stock is currently owned by institutional investors.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $208.43 on Friday. Garmin Ltd. has a 52 week low of $118.51 and a 52 week high of $215.55. The company has a market cap of $40.02 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97. The firm has a 50 day simple moving average of $179.96 and a 200 day simple moving average of $172.51.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating 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 company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the business posted $1.41 EPS. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post 6.88 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Sean Biddlecombe sold 587 shares of the firm’s 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 transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 19.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,479 shares of company stock valued at $2,419,502 in the last three months. Insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Company Profile

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.