Garmin Ltd. (NYSE:GRMN) Shares Sold by Passumpsic Savings Bank

Passumpsic Savings Bank lowered its position in shares of Garmin Ltd. (NYSE:GRMN) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,304 shares of the scientific and technical instruments company’s stock after selling 517 shares during the period. Garmin comprises about 2.2% of Passumpsic Savings Bank’s holdings, making the stock its 15th largest position. Passumpsic Savings Bank’s holdings in Garmin were worth $3,569,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock worth $1,216,819,000 after buying an additional 134,303 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Garmin by 2.7% during the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock worth $765,912,000 after buying an additional 112,815 shares during the last quarter. FMR LLC grew its holdings in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after buying an additional 1,093,219 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its holdings in Garmin by 3.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock valued at $246,619,000 after purchasing an additional 48,645 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in Garmin by 4.1% in the 3rd quarter. Captrust Financial Advisors now owns 767,729 shares of the scientific and technical instruments company’s stock valued at $135,143,000 after purchasing an additional 30,011 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $224.67 on Friday. The business’s 50 day simple moving average is $213.24 and its 200-day simple moving average is $195.07. The firm has a market capitalization of $43.14 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. Garmin Ltd. has a 12 month low of $131.20 and a 12 month high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.72 EPS. On average, equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a dividend yield of 1.60%. Garmin’s dividend payout ratio is currently 41.04%.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of Garmin stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays lifted their price objective on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley raised Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. Finally, Tigress Financial lifted their price objective on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $195.67.

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.