Garmin Ltd. (NYSE:GRMN) Shares Sold by City Holding Co.

City Holding Co. lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 6.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,453 shares of the scientific and technical instruments company’s stock after selling 447 shares during the quarter. City Holding Co.’s holdings in Garmin were worth $961,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. purchased a new stake in Garmin in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $33,000. Headinvest LLC purchased a new stake in shares of Garmin during the 3rd quarter worth $41,000. Blue Trust Inc. boosted its holdings in Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Garmin in the 4th quarter worth approximately $51,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Transactions at Garmin

In other news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction on 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 $9,551,530.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were 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 in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares in the company, valued at $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on GRMN shares. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $165.00 to $150.00 in a report on Wednesday, May 22nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Wednesday, June 19th. Barclays upped their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $156.83.

Garmin Stock Performance

Shares of GRMN traded up $2.00 during midday trading on Monday, hitting $163.45. 38,622 shares of the stock traded hands, compared to its average volume of 873,228. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $171.64. The business’s 50 day moving average price is $159.47 and its two-hundred day moving average price is $141.96. The firm has a market capitalization of $31.40 billion, a PE ratio of 22.79, a price-to-earnings-growth ratio of 3.45 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The company’s revenue was up 20.4% on a year-over-year basis. As a group, equities research analysts forecast that Garmin Ltd. will post 5.77 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. Garmin’s dividend payout ratio (DPR) is 42.31%.

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.