Garmin Ltd. (NYSE:GRMN) Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 6.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 222,203 shares of the scientific and technical instruments company’s stock after selling 14,237 shares during the quarter. Panagora Asset Management Inc. owned about 0.12% of Garmin worth $36,201,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Garmin by 69.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,913 shares of the scientific and technical instruments company’s stock worth $8,295,000 after purchasing an additional 20,924 shares during the period. Meitav Investment House Ltd. raised its position in Garmin by 6.3% in the second quarter. Meitav Investment House Ltd. now owns 5,031 shares of the scientific and technical instruments company’s stock worth $820,000 after acquiring an additional 300 shares in the last quarter. Financial Advocates Investment Management raised its position in Garmin by 9.8% in the second quarter. Financial Advocates Investment Management now owns 6,026 shares of the scientific and technical instruments company’s stock worth $982,000 after acquiring an additional 537 shares in the last quarter. HB Wealth Management LLC raised its position in Garmin by 5.3% in the second quarter. HB Wealth Management LLC now owns 3,401 shares of the scientific and technical instruments company’s stock worth $554,000 after acquiring an additional 170 shares in the last quarter. Finally, Trajan Wealth LLC raised its position in Garmin by 15.3% in the second quarter. Trajan Wealth LLC now owns 75,484 shares of the scientific and technical instruments company’s stock worth $12,298,000 after acquiring an additional 10,029 shares in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Garmin Trading Up 1.3 %

Garmin stock traded up $2.31 during trading hours on Friday, reaching $182.96. 297,488 shares of the company were exchanged, compared to its average volume of 834,737. The firm has a market cap of $35.14 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 3.55 and a beta of 0.98. The stock has a 50-day moving average of $169.54 and a 200 day moving average of $157.02. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $183.28.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping 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 company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the company earned $1.45 earnings per share. The company’s quarterly revenue was up 14.3% compared to the same quarter last year. As a group, research analysts forecast that Garmin Ltd. will post 6 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.64%. The ex-dividend date is Friday, March 14th. Garmin’s dividend payout ratio is 42.31%.

Analyst Ratings Changes

GRMN has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $165.00 to $150.00 in a report on Wednesday, May 22nd. Barclays boosted their price objective on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Finally, Tigress Financial boosted their price objective on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $156.83.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold a total of 16,618 shares of company stock worth $2,851,673 over the last 90 days. Insiders own 19.54% of the company’s stock.

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.