Raiffeisen Bank International AG Has $3.15 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Raiffeisen Bank International AG grew its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 16.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 14,723 shares of the scientific and technical instruments company's stock after acquiring an additional 2,062 shares during the period. Raiffeisen Bank International AG's holdings in Garmin were worth $3,146,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Scotia Capital Inc. raised its position in Garmin by 16.9% during the 1st quarter. Scotia Capital Inc. now owns 12,709 shares of the scientific and technical instruments company's stock worth $2,760,000 after purchasing an additional 1,839 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Garmin by 5.8% in the first quarter. PNC Financial Services Group Inc. now owns 18,772 shares of the scientific and technical instruments company's stock valued at $4,076,000 after buying an additional 1,031 shares during the period. TIAA Trust National Association raised its position in shares of Garmin by 44.3% during the first quarter. TIAA Trust National Association now owns 1,672 shares of the scientific and technical instruments company's stock worth $363,000 after acquiring an additional 513 shares during the last quarter. Hartford Investment Management Co. acquired a new position in shares of Garmin in the first quarter worth approximately $2,042,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Garmin in the first quarter worth approximately $3,700,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Up 0.0%

Garmin stock opened at $218.79 on Monday. The company has a market capitalization of $42.11 billion, a PE ratio of 26.98, a PEG ratio of 2.43 and a beta of 0.99. Garmin Ltd. has a 12-month low of $160.71 and a 12-month high of $246.50. The firm's fifty day moving average is $212.65 and its 200 day moving average is $208.95.

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 for the quarter, beating the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.58 earnings per share. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is presently 44.39%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Barclays restated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday. Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Two research 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction 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 of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction 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 transaction, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their position. The disclosure for this sale can be found here. Company 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.

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.