Amalgamated Bank Lowers Stock Position in Garmin Ltd. (NYSE:GRMN)

Amalgamated Bank trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 0.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,473 shares of the scientific and technical instruments company’s stock after selling 301 shares during the period. Amalgamated Bank’s holdings in Garmin were worth $5,202,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. DekaBank Deutsche Girozentrale increased its position in shares of Garmin by 153.8% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock valued at $37,737,000 after buying an additional 176,908 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Garmin by 2.5% during the third 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 buying an additional 176,510 shares in the last quarter. Invesco Ltd. raised its position in shares of Garmin by 10.7% in the third quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after buying an additional 136,929 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Garmin by 118.1% during the third quarter. Bank of Nova Scotia now owns 232,315 shares of the scientific and technical instruments company’s stock valued at $24,440,000 after buying an additional 125,812 shares during the period. Finally, Northern Trust Corp boosted its position in Garmin by 7.1% during the third quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock worth $171,492,000 after acquiring an additional 108,427 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Performance

Shares of NYSE GRMN opened at $167.88 on Tuesday. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $167.90. The stock’s 50-day simple moving average is $145.88 and its 200-day simple moving average is $130.05. The firm has a market cap of $32.25 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 5.31 and a beta of 0.99.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. The company’s revenue was up 20.4% on a year-over-year basis. As a group, research analysts predict that Garmin Ltd. will post 5.58 EPS for the current 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 dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 41.18%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GRMN shares. JPMorgan Chase & Co. increased their target price on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Barclays raised their target price 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. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Bank of America lifted their price target on shares of Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Finally, Tigress Financial reaffirmed a “strong-buy” rating and issued a $175.00 target price (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Six analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $153.50.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the sale, the director now owns 653,834 shares in the company, valued at $97,349,344.26. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock worth $14,166,944 in the last three months. 19.54% of the stock is owned by insiders.

Garmin 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.