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

A number of other large investors have also added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd raised its stake in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after purchasing an additional 121 shares during the last quarter. TFC Financial Management Inc. raised its stake in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Garmin in the first quarter worth $34,000. Garde Capital Inc. purchased a new position in shares of Garmin in the first quarter worth $40,000. Finally, Olde Wealth Management LLC purchased a new position in shares of Garmin in the first quarter worth $43,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on GRMN. Morgan Stanley upped their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday. Barclays reiterated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Garmin has an average rating of "Hold" and an average target price of $222.00.

Garmin Stock Up 0.0%

NYSE:GRMN traded up $0.03 during mid-day trading on Friday, hitting $218.79. 1,324,517 shares of the company traded hands, compared to its average volume of 906,307. The stock's fifty day moving average price is $212.65 and its 200-day moving average price is $208.95. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50. The firm has a market cap of $42.11 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.43 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results 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 return on equity of 20.00% and a net margin of 23.21%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $1.58 earnings per share. Garmin's revenue for the quarter was up 20.4% on a year-over-year basis. Equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

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

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Insiders own 19.54% of the company's stock.

Garmin Profile

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.