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

Amalgamated Bank cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,213 shares of the scientific and technical instruments company’s stock after selling 446 shares during the quarter. Amalgamated Bank’s holdings in Garmin were worth $5,085,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in shares of Garmin in the 4th quarter worth $65,000. Norges Bank purchased a new stake in Garmin in the fourth quarter worth about $20,848,000. PNC Financial Services Group Inc. grew its holdings in Garmin by 16.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,853 shares of the scientific and technical instruments company’s stock worth $1,781,000 after acquiring an additional 1,921 shares in the last quarter. D.A. Davidson & CO. increased its position in Garmin by 4.1% during the 4th quarter. D.A. Davidson & CO. now owns 27,827 shares of the scientific and technical instruments company’s stock valued at $3,577,000 after purchasing an additional 1,104 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in shares of Garmin by 12.4% in the 4th quarter. Corient Private Wealth LLC now owns 11,931 shares of the scientific and technical instruments company’s stock valued at $1,534,000 after purchasing an additional 1,319 shares in the last quarter. Institutional investors own 73.41% of the company’s stock.

Insider Activity at Garmin

In other news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 over the last three months. Company insiders own 19.54% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the topic of a number of analyst reports. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial boosted their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday. Finally, Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $152.17.

Garmin Price Performance

Shares of GRMN stock opened at $171.00 on Friday. The business has a fifty day moving average of $174.48 and a 200 day moving average of $162.32. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $184.42. The firm has a market capitalization of $32.85 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period last year, the business posted $1.45 earnings per share. As a group, equities research analysts expect that Garmin Ltd. will post 6.05 earnings per share for the current year.

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.