Gulf International Bank UK Ltd Sells 505 Shares of Garmin Ltd. (NYSE:GRMN)

Gulf International Bank UK Ltd cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,763 shares of the scientific and technical instruments company’s stock after selling 505 shares during the period. Gulf International Bank UK Ltd’s holdings in Garmin were worth $2,079,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dorsey & Whitney Trust CO LLC grew its stake in Garmin by 3.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after buying an additional 73 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Garmin by 17.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after buying an additional 81 shares during the last quarter. 1620 Investment Advisors Inc. grew its stake in Garmin by 4.0% during the 4th quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after buying an additional 84 shares during the last quarter. Greenleaf Trust grew its stake in Garmin by 2.5% during the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after purchasing an additional 87 shares during the last quarter. Finally, Trust Co. of Vermont grew its stake in Garmin by 18.4% during the 2nd quarter. Trust Co. of Vermont now owns 592 shares of the scientific and technical instruments company’s stock valued at $96,000 after purchasing an additional 92 shares during the last quarter. 73.41% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now directly owns 28,010 shares in the company, valued at $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the transaction, the executive vice president now owns 58,412 shares of the company’s stock, valued at $9,551,530.24. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GRMN. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Tigress Financial boosted their price target on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Barclays boosted their price objective on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and an average target price of $156.83.

Garmin Price Performance

Shares of NYSE GRMN traded down $2.36 during mid-day trading on Wednesday, hitting $162.35. The company had a trading volume of 809,462 shares, compared to its average volume of 862,039. The company has a market capitalization of $31.18 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $179.76. The business’s 50-day simple moving average is $165.54 and its 200 day simple moving average is $151.40.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share. On average, analysts expect that Garmin Ltd. will post 6 EPS for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.85%. Garmin’s dividend payout ratio (DPR) is presently 42.31%.

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.