Commerce Bank Decreases Holdings in Garmin Ltd. (NYSE:GRMN)

Key Points

• Commerce Bank reduced its holdings in Garmin Ltd. by 1.2%, now owning 150,381 shares valued at approximately $32.65 million.
• Institutional investors currently hold 81.60% of Garmin's stock, indicating strong interest from the investment community.
• Garmin recently declared a quarterly dividend of $0.90 per share, representing a 1.6% dividend yield.

Commerce Bank trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 150,381 shares of the scientific and technical instruments company's stock after selling 1,774 shares during the period. Commerce Bank owned about 0.08% of Garmin worth $32,652,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GRMN. Kestra Private Wealth Services LLC raised its position in shares of Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC raised its position in shares of Garmin by 23.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after purchasing an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after purchasing an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of Garmin by 255.2% during the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock worth $96,000 after purchasing an additional 319 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Garmin by 30.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,286 shares of the scientific and technical instruments company's stock worth $2,122,000 after purchasing an additional 2,413 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Price Performance

GRMN stock traded up $1.70 during midday trading on Wednesday, hitting $229.95. The stock had a trading volume of 483,669 shares, compared to its average volume of 952,487. The firm has a market cap of $44.26 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 2.51 and a beta of 0.99. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50. The company's 50-day moving average price is $213.61 and its 200 day moving average price is $209.15.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the company earned $1.58 EPS. The business's quarterly revenue was up 20.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.6%. Garmin's dividend payout ratio is presently 44.39%.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Barclays reaffirmed an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $222.00.

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.