AMG National Trust Bank Sells 4,968 Shares of Garmin Ltd. (NYSE:GRMN)

AMG National Trust Bank decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 54.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,180 shares of the scientific and technical instruments company’s stock after selling 4,968 shares during the quarter. AMG National Trust Bank’s holdings in Garmin were worth $681,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GRMN. Clearstead Trust LLC bought a new stake in Garmin during the 1st quarter valued at $30,000. Family Firm Inc. purchased a new stake in Garmin during the 2nd quarter worth about $35,000. Frazier Financial Advisors LLC bought a new position in Garmin in the 4th quarter worth about $33,000. West Oak Capital LLC purchased a new position in Garmin during the 2nd quarter valued at about $53,000. Finally, MeadowBrook Investment Advisors LLC bought a new stake in shares of Garmin during the fourth quarter valued at about $55,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In related news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction 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 transaction, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 16,531 shares of company stock worth $2,835,858 over the last ninety days. Insiders own 19.54% of the company’s stock.

Garmin Trading Up 1.2 %

Shares of Garmin stock traded up $2.11 on Friday, hitting $179.76. 529,626 shares of the company traded hands, compared to its average volume of 845,486. Garmin Ltd. has a 12-month low of $99.61 and a 12-month high of $180.40. The firm’s 50-day simple moving average is $167.96 and its 200 day simple moving average is $155.64. The company has a market cap of $34.53 billion, a P/E ratio of 25.35, a P/E/G ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last released 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. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the business posted $1.45 earnings per share. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. Analysts predict that Garmin Ltd. will post 6 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.67%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is currently 42.31%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, August 20th. Tigress Financial boosted their price target on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. lifted their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Barclays upped their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $156.83.

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.