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

Passumpsic Savings Bank cut its holdings in Garmin Ltd. (NYSE:GRMN) by 2.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 17,304 shares of the scientific and technical instruments company’s stock after selling 517 shares during the period. Garmin accounts for about 2.2% of Passumpsic Savings Bank’s holdings, making the stock its 15th biggest position. Passumpsic Savings Bank’s holdings in Garmin were worth $3,569,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp raised its holdings in Garmin by 2.0% in the 3rd quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC raised its holdings in Garmin by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after acquiring an additional 112,815 shares during the last quarter. FMR LLC grew its stake in shares of Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares during the period. Disciplined Growth Investors Inc. MN grew its stake in shares of Garmin by 3.6% during 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 buying an additional 48,645 shares during the period. Finally, Captrust Financial Advisors grew its stake in shares of Garmin by 4.1% during 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 buying an additional 30,011 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Down 1.9 %

Shares of Garmin stock opened at $224.67 on Friday. The company has a fifty day moving average price of $213.24 and a 200 day moving average price of $195.07. Garmin Ltd. has a twelve month low of $131.20 and a twelve month high of $246.50. The stock has a market cap 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 (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the company earned $1.72 EPS. The firm’s revenue was up 22.9% on a year-over-year basis. Analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.60%. Garmin’s dividend payout ratio (DPR) is 41.04%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GRMN. Barclays boosted their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday. Tigress Financial boosted their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Finally, Morgan Stanley raised shares of Garmin to a “sell” rating and boosted their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $195.67.

Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.54% of the stock is owned by corporate 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.