Garmin Ltd. (GRMN) Position Cut by Amalgamated Bank

Amalgamated Bank reduced its holdings in Garmin Ltd. (NASDAQ:GRMN) by 2.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 14,038 shares of the scientific and technical instruments company’s stock after selling 282 shares during the quarter. Amalgamated Bank’s holdings in Garmin were worth $889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of GRMN. MML Investors Services LLC acquired a new position in shares of Garmin during the third quarter valued at $291,000. PNC Financial Services Group Inc. grew its position in Garmin by 9.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,647 shares of the scientific and technical instruments company’s stock valued at $744,000 after buying an additional 933 shares in the last quarter. American International Group Inc. increased its stake in Garmin by 10.1% during the 3rd quarter. American International Group Inc. now owns 61,282 shares of the scientific and technical instruments company’s stock valued at $4,293,000 after buying an additional 5,625 shares during the period. Pictet Asset Management Ltd. acquired a new position in Garmin during the 3rd quarter valued at about $4,212,000. Finally, Dimensional Fund Advisors LP increased its stake in Garmin by 2.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,363,302 shares of the scientific and technical instruments company’s stock valued at $95,492,000 after buying an additional 34,887 shares during the period. Hedge funds and other institutional investors own 43.02% of the company’s stock.

In related news, Director Sean Biddlecombe sold 1,500 shares of Garmin stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $83.51, for a total value of $125,265.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Patrick Desbois sold 1,749 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $86.00, for a total value of $150,414.00. The disclosure for this sale can be found here. Insiders sold a total of 5,932 shares of company stock worth $496,705 over the last quarter. Insiders own 17.85% of the company’s stock.

A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research note on Monday, February 25th. Credit Suisse Group raised their price objective on shares of Garmin from $58.00 to $71.00 and gave the company an “underperform” rating in a research note on Monday, February 25th. Longbow Research lowered shares of Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price objective on the stock. in a research note on Thursday, February 21st. They noted that the move was a valuation call. BidaskClub raised Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 13th. Finally, ValuEngine cut Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $77.19.

NASDAQ:GRMN opened at $88.17 on Friday. Garmin Ltd. has a 52-week low of $57.01 and a 52-week high of $89.10. The stock has a market cap of $17.47 billion, a P/E ratio of 23.89, a PEG ratio of 3.23 and a beta of 0.92.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.22. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The company had revenue of $932.11 million during the quarter, compared to the consensus estimate of $893.14 million. During the same period in the prior year, the company earned $0.79 EPS. Garmin’s revenue was up 3.9% on a year-over-year basis. Analysts anticipate that Garmin Ltd. will post 3.71 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.53 dividend. The ex-dividend date was Thursday, March 14th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.40%. Garmin’s payout ratio is currently 57.45%.

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About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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