M&T Bank Corp Has $5.64 Million Position in Garmin Ltd. (NYSE:GRMN)

M&T Bank Corp decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,983 shares of the scientific and technical instruments company's stock after selling 1,925 shares during the quarter. M&T Bank Corp's holdings in Garmin were worth $5,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Garmin during the 4th quarter worth about $396,184,000. GAMMA Investing LLC boosted its stake in shares of Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after acquiring an additional 881,935 shares in the last quarter. Congress Asset Management Co. boosted its stake in shares of Garmin by 673.4% during the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after acquiring an additional 384,258 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Garmin by 20.2% during the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after acquiring an additional 286,765 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Garmin by 164.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock worth $82,121,000 after acquiring an additional 247,726 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction 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 represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by insiders.

Garmin Price Performance

Shares of NYSE GRMN traded down $2.05 during midday trading on Friday, hitting $215.75. The stock had a trading volume of 652,142 shares, compared to its average volume of 908,400. The company's 50-day simple moving average is $203.56 and its 200 day simple moving average is $207.16. The firm has a market cap of $41.54 billion, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 2.44 and a beta of 0.97. Garmin Ltd. has a fifty-two week low of $160.71 and a fifty-two week high of $246.50.

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

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.67%. Garmin's payout ratio is 47.37%.

Garmin Company 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.