Garmin Ltd. (NYSE:GRMN) Shares Bought by Keybank National Association OH

Keybank National Association OH increased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 82.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,217 shares of the scientific and technical instruments company's stock after purchasing an additional 2,358 shares during the period. Keybank National Association OH's holdings in Garmin were worth $1,133,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Summit Trail Advisors LLC lifted its holdings in shares of Garmin by 45.1% in the 1st quarter. Summit Trail Advisors LLC now owns 3,590 shares of the scientific and technical instruments company's stock worth $778,000 after purchasing an additional 1,115 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Garmin by 1.0% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,998 shares of the scientific and technical instruments company's stock worth $5,211,000 after purchasing an additional 236 shares during the last quarter. ABLE Financial Group LLC bought a new stake in shares of Garmin in the 1st quarter worth approximately $575,000. Mather Group LLC. lifted its holdings in shares of Garmin by 2.4% in the 1st quarter. Mather Group LLC. now owns 3,560 shares of the scientific and technical instruments company's stock worth $773,000 after purchasing an additional 83 shares during the last quarter. Finally, Ameritas Advisory Services LLC lifted its holdings in shares of Garmin by 92.8% in the 1st quarter. Ameritas Advisory Services LLC now owns 4,114 shares of the scientific and technical instruments company's stock worth $890,000 after purchasing an additional 1,980 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

GRMN opened at $214.05 on Friday. Garmin Ltd. has a one year low of $160.71 and a one year high of $246.50. The stock's fifty day moving average is $201.88 and its 200-day moving average is $206.93. The company has a market capitalization of $41.21 billion, a PE ratio of 28.16, a P/E/G ratio of 2.41 and a beta of 0.97.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. The firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.42 EPS. On average, equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.68%. Garmin's payout ratio is 47.37%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley lifted their target price on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. cut their target price on Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Barclays dropped their price objective on Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $206.00.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction on 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 transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 15.38% of the stock is owned by insiders.

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.

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