Swiss National Bank Has $61.56 Million Stake in Garmin Ltd. (NYSE:GRMN)

Swiss National Bank reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 478,900 shares of the scientific and technical instruments company’s stock after selling 13,300 shares during the quarter. Swiss National Bank owned approximately 0.25% of Garmin worth $61,558,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in GRMN. Robeco Institutional Asset Management B.V. boosted its stake in shares of Garmin by 125.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 23,999 shares of the scientific and technical instruments company’s stock valued at $2,525,000 after buying an additional 13,350 shares during the period. Independent Advisor Alliance boosted its position in Garmin by 5.3% during the third quarter. Independent Advisor Alliance now owns 2,207 shares of the scientific and technical instruments company’s stock valued at $232,000 after purchasing an additional 111 shares during the last quarter. Forsta AP Fonden grew its stake in Garmin by 2.6% in the third quarter. Forsta AP Fonden now owns 31,200 shares of the scientific and technical instruments company’s stock valued at $3,282,000 after purchasing an additional 800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Garmin by 36.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,586 shares of the scientific and technical instruments company’s stock worth $6,689,000 after purchasing an additional 16,957 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Garmin by 1.2% during the 3rd quarter. Mackenzie Financial Corp now owns 63,685 shares of the scientific and technical instruments company’s stock worth $6,592,000 after purchasing an additional 748 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Up 0.4 %

NYSE:GRMN opened at $165.97 on Monday. The firm has a market capitalization of $31.88 billion, a PE ratio of 23.41, a PEG ratio of 5.31 and a beta of 0.99. Garmin Ltd. has a 1 year low of $99.56 and a 1 year high of $166.43. The firm’s fifty day simple moving average is $145.23 and its 200 day simple moving average is $129.61.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The firm’s revenue was up 20.4% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. As a group, analysts anticipate that Garmin Ltd. will post 5.58 EPS for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is currently 41.18%.

Analyst Ratings Changes

GRMN has been the subject of several recent research reports. Barclays boosted their price target on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. increased their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday. Barrington Research lifted their price objective on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Tigress Financial restated a “strong-buy” rating and set a $175.00 target price (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $153.50.

Insider Transactions at Garmin

In other news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Susan Lyman sold 2,587 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the sale, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $146.15, for a total value of $2,192,250.00. Following the sale, the director now directly owns 623,834 shares in the company, valued at $91,173,339.10. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock worth $14,166,944 over the last three months. 19.54% of the stock is currently owned by insiders.

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.