Denali Advisors LLC lessened its holdings in Garmin Ltd. (NASDAQ:GRMN) by 11.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 64,100 shares of the scientific and technical instruments company’s stock after selling 8,400 shares during the quarter. Garmin makes up approximately 1.2% of Denali Advisors LLC’s holdings, making the stock its 17th largest position. Denali Advisors LLC’s holdings in Garmin were worth $6,081,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of GRMN. Cullen Frost Bankers Inc. boosted its position in shares of Garmin by 23.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 550 shares of the scientific and technical instruments company’s stock worth $54,000 after acquiring an additional 103 shares in the last quarter. Financial Management Professionals Inc. boosted its holdings in Garmin by 1,218.4% in the second quarter. Financial Management Professionals Inc. now owns 646 shares of the scientific and technical instruments company’s stock valued at $63,000 after purchasing an additional 597 shares in the last quarter. Sandy Spring Bank acquired a new position in Garmin in the second quarter valued at approximately $67,000. Estabrook Capital Management increased its stake in Garmin by 1,581.1% in the second quarter. Estabrook Capital Management now owns 891 shares of the scientific and technical instruments company’s stock valued at $87,000 after purchasing an additional 838 shares during the last quarter. Finally, CSat Investment Advisory L.P. raised its holdings in Garmin by 18.1% during the second quarter. CSat Investment Advisory L.P. now owns 1,143 shares of the scientific and technical instruments company’s stock worth $111,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 48.88% of the company’s stock.

GRMN traded up $0.09 on Friday, hitting $99.12. 807,989 shares of the company traded hands, compared to its average volume of 974,114. Garmin Ltd. has a 12-month low of $61.04 and a 12-month high of $106.00. The company has a 50 day moving average of $98.41 and a 200-day moving average of $92.70. The stock has a market capitalization of $18.96 billion, a PE ratio of 20.31, a PEG ratio of 3.58 and a beta of 0.94.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.53. Garmin had a return on equity of 17.77% and a net margin of 24.82%. The business had revenue of $870.00 million for the quarter, compared to analyst estimates of $666.68 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. Equities analysts expect that Garmin Ltd. will post 4.07 EPS for the current fiscal year.

A number of research analysts recently commented on GRMN shares. Credit Suisse Group increased their target price on shares of Garmin from $91.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. BidaskClub lowered Garmin from a “sell” rating to a “strong sell” rating in a report on Thursday, October 8th. Needham & Company LLC assumed coverage on Garmin in a research report on Wednesday, July 29th. They issued a “hold” rating for the company. Zacks Investment Research downgraded Garmin from a “strong-buy” rating to a “hold” rating and set a $101.00 price target on the stock. in a research note on Tuesday, October 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Garmin from $101.00 to $110.00 in a research note on Thursday, July 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Garmin currently has an average rating of “Hold” and a consensus price target of $96.86.

In other news, Director Sean Biddlecombe sold 1,450 shares of Garmin stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $103.26, for a total value of $149,727.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew Munn sold 1,622 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $101.93, for a total transaction of $165,330.46. Following the transaction, the director now owns 10,063 shares in the company, valued at $1,025,721.59. The disclosure for this sale can be found here. Insiders own 22.00% of the company’s stock.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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