M&T Bank Corp Sells 2,996 Shares of Garmin Ltd. (NYSE:GRMN)

M&T Bank Corp trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,908 shares of the scientific and technical instruments company’s stock after selling 2,996 shares during the period. M&T Bank Corp’s holdings in Garmin were worth $5,757,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Garmin by 2.7% during the third quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after acquiring an additional 112,815 shares during the last quarter. FMR LLC raised its stake in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after acquiring an additional 1,093,219 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Garmin by 3.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock valued at $246,619,000 after acquiring an additional 48,645 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Garmin by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 889,838 shares of the scientific and technical instruments company’s stock valued at $183,538,000 after acquiring an additional 14,200 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling at Garmin

In other news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction that occurred 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 owns 149,525 shares in the company, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,274 shares of company stock valued at $5,242,686. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of NYSE GRMN opened at $219.51 on Friday. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50. The company has a 50 day simple moving average of $216.28 and a two-hundred day simple moving average of $199.34. The company has a market capitalization of $42.23 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter last year, the firm earned $1.72 earnings per share. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm 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. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is 41.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays increased their price target on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th. Tigress Financial increased their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. increased their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Morgan Stanley raised shares of Garmin to a “sell” rating and increased their price target for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $210.80.

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.