M&T Bank Corp reduced its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 9.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,908 shares of the scientific and technical instruments company's stock after selling 2,996 shares during the period. M&T Bank Corp's holdings in Garmin were worth $5,757,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in Garmin in the fourth quarter valued at about $26,000. Pinnacle Bancorp Inc. acquired a new position in shares of Garmin in the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. acquired a new position in shares of Garmin in the fourth quarter valued at approximately $37,000. Larson Financial Group LLC raised its holdings in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after buying an additional 162 shares during the last quarter. Finally, Kentucky Trust Co acquired a new stake in Garmin during the 4th quarter worth approximately $41,000. 81.60% of the stock is owned by institutional investors.
In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the completion of the sale, the chief executive officer now directly owns 149,525 shares of the company's stock, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,274 shares of company stock worth $5,242,686 in the last quarter. 19.54% of the stock is owned by corporate insiders.
NYSE GRMN traded down $2.40 during mid-day trading on Friday, reaching $219.51. 1,082,724 shares of the stock were exchanged, compared to its average volume of 866,565. The stock has a market cap of $42.23 billion, a P/E ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a one year low of $138.86 and a one year high of $246.50. The stock has a 50 day simple moving average of $216.28 and a 200-day simple moving average of $199.34.
Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company posted $1.72 EPS. The business's quarterly revenue was up 22.9% on a year-over-year basis. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, March 13th. Garmin's dividend payout ratio (DPR) is 41.04%.
GRMN has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on shares of Garmin from $219.00 to $260.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Tigress Financial increased their price objective on Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a report on Wednesday, February 26th. Morgan Stanley raised Garmin to a "sell" rating and lifted their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Finally, Barclays increased their price target on Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $210.80.
Check Out Our Latest Stock Analysis on 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.
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