Garmin Ltd. (NYSE:GRMN) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. 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 SEC.

Several other institutional investors also recently bought and sold shares of the business. Artisan Partners Limited Partnership boosted its position in shares of Garmin by 2.5% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,246,834 shares of the scientific and technical instruments company’s stock worth $762,367,000 after purchasing an additional 176,510 shares during the period. Northern Trust Corp grew its stake in Garmin by 7.1% during the 3rd quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock worth $171,492,000 after buying an additional 108,427 shares during the last quarter. Invesco Ltd. boosted its stake in Garmin by 10.7% during the 3rd quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock worth $148,459,000 after purchasing an additional 136,929 shares during the period. California Public Employees Retirement System grew its stake in shares of Garmin by 0.7% in the 4th quarter. California Public Employees Retirement System now owns 932,299 shares of the scientific and technical instruments company’s stock valued at $119,838,000 after purchasing an additional 6,858 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Garmin by 4.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 813,137 shares of the scientific and technical instruments company’s stock worth $85,542,000 after buying an additional 33,580 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Garmin Trading Up 1.3 %

Shares of Garmin stock opened at $169.98 on Wednesday. The firm has a fifty day simple moving average of $146.59 and a 200-day simple moving average of $130.52. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $170.87. The stock has a market capitalization of $32.65 billion, a price-to-earnings ratio of 23.97, a PEG ratio of 5.31 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The business’s revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, research analysts predict that Garmin Ltd. will post 5.58 earnings per share for the current year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.75 per share. 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 (DPR) is presently 41.18%.

Insider Buying and Selling

In other news, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the transaction, the vice president now directly owns 7,174 shares in the company, valued at approximately $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Susan Lyman sold 2,587 shares of the 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 completion of the transaction, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $140.00, for a total value of $2,100,000.00. Following the completion of the transaction, the director now owns 758,834 shares of the company’s stock, valued at $106,236,760. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock valued at $14,166,944 over the last ninety days. Insiders own 19.54% of the company’s stock.

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.