Bank of America Corp DE Has $57.49 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Bank of America Corp DE lowered its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 33.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 278,724 shares of the scientific and technical instruments company's stock after selling 140,600 shares during the period. Bank of America Corp DE owned 0.15% of Garmin worth $57,490,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Montrusco Bolton Investments Inc. boosted its holdings in shares of Garmin by 42.5% during the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock worth $88,937,000 after acquiring an additional 128,672 shares during the period. Baskin Financial Services Inc. boosted its holdings in shares of Garmin by 3.2% during the fourth quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock worth $30,724,000 after acquiring an additional 4,616 shares during the period. Savant Capital LLC boosted its holdings in shares of Garmin by 47.2% during the fourth quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company's stock worth $1,872,000 after acquiring an additional 2,910 shares during the period. Quantbot Technologies LP bought a new stake in shares of Garmin during the fourth quarter worth approximately $127,000. Finally, BankPlus Wealth Management LLC bought a new stake in shares of Garmin during the fourth quarter worth approximately $668,000. Institutional investors own 81.60% of the company's stock.

Insiders Place Their Bets

In related news, VP Susan Lyman sold 2,829 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now owns 8,432 shares of the company's stock, valued at $1,817,180.32. The trade was a 25.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the sale, the chief executive officer now directly owns 149,525 shares in the company, valued at $33,963,108.50. This trade represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,342 shares of company stock valued at $5,486,094. 15.38% of the stock is currently owned by insiders.

Garmin Price Performance

GRMN traded up $3.19 during trading on Friday, hitting $205.11. 682,897 shares of the stock traded hands, compared to its average volume of 880,319. Garmin Ltd. has a twelve month low of $158.38 and a twelve month high of $246.50. The company has a market cap of $39.49 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 1.36 and a beta of 0.99. The business has a 50 day moving average price of $198.41 and a 200 day moving average price of $208.49.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 earnings per share. On average, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.76%. Garmin's payout ratio is presently 47.37%.

Analysts Set New Price Targets

GRMN has been the subject of a number of analyst reports. Morgan Stanley lifted their price target on shares of Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. Tigress Financial lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. Barclays dropped their price target on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $194.80.

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.