Garmin Ltd. (NYSE:GRMN) Holdings Decreased by M&T Bank Corp

M&T Bank Corp decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 0.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,970 shares of the scientific and technical instruments company’s stock after selling 97 shares during the period. M&T Bank Corp’s holdings in Garmin were worth $3,981,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wetzel Investment Advisors Inc. acquired a new stake in Garmin in the 4th quarter valued at $26,000. Headinvest LLC bought a new position in shares of Garmin during the third quarter worth about $41,000. Blue Trust Inc. raised its holdings in shares of Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after purchasing an additional 99 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in Garmin during the 4th quarter worth about $51,000. Finally, NBC Securities Inc. acquired a new position in Garmin during the third quarter valued at approximately $57,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Garmin news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the transaction, the director now owns 623,834 shares of the company’s stock, valued at approximately $91,173,339.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock worth $14,166,944 over the last 90 days. 19.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GRMN shares. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays boosted their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Barrington Research boosted their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Bank of America raised their price target on shares of Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $153.50.

Garmin Trading Up 1.3 %

GRMN stock opened at $169.98 on Wednesday. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $170.87. The company’s 50 day moving average is $146.59 and its 200 day moving average is $130.52. The stock has a market cap of $32.65 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99.

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

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is presently 41.18%.

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.