M&T Bank Corp Sells 2,996 Shares of Garmin Ltd. (NYSE:GRMN)

M&T Bank Corp lessened its stake in Garmin Ltd. (NYSE:GRMN) by 9.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,908 shares of the scientific and technical instruments company’s stock after selling 2,996 shares during the quarter. M&T Bank Corp’s holdings in Garmin were worth $5,757,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC bought a new stake in Garmin during the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. bought a new stake in Garmin during the 4th quarter valued at $29,000. Larson Financial Group LLC raised its holdings in Garmin by 578.6% during 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 acquiring an additional 162 shares during the period. SOA Wealth Advisors LLC. bought a new stake in Garmin during the 4th quarter valued at $37,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Garmin during the 3rd quarter valued at $39,000. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $219.51 on Friday. Garmin Ltd. has a 52-week low of $138.86 and a 52-week high of $246.50. The firm has a fifty day moving average of $216.28 and a 200 day moving average of $199.34. The firm has a market capitalization of $42.23 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same period in the previous year, the business earned $1.72 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.64%. Garmin’s dividend payout ratio (DPR) is presently 41.04%.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the completion of the sale, the chief executive officer now directly owns 149,525 shares in the company, valued at $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,274 shares of company stock worth $5,242,686. Corporate insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GRMN shares. Morgan Stanley raised shares of Garmin to a “sell” rating and boosted their target price for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. upped their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Tigress Financial upped their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Finally, Barclays upped their price target on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $210.80.

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.