Keybank National Association OH Acquires 623 Shares of Garmin Ltd. (NYSE:GRMN)

Keybank National Association OH grew its holdings in Garmin Ltd. (NYSE:GRMN) by 27.9% in the 4th quarter, HoldingsChannel reports. The firm owned 2,859 shares of the scientific and technical instruments company’s stock after buying an additional 623 shares during the quarter. Keybank National Association OH’s holdings in Garmin were worth $590,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. State Street Corp raised its holdings in shares of Garmin by 2.0% in the 3rd 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 purchasing an additional 134,303 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Garmin by 2.7% in the 3rd 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 purchasing an additional 112,815 shares in the last quarter. FMR LLC raised its holdings in shares of Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after purchasing an additional 1,093,219 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its position in shares of Garmin by 3.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,401,004 shares of the scientific and technical instruments company’s stock worth $246,619,000 after buying an additional 48,645 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Garmin by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 889,838 shares of the scientific and technical instruments company’s stock worth $183,538,000 after buying an additional 14,200 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

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

Garmin Trading Down 1.1 %

NYSE:GRMN opened at $219.51 on Friday. The company has a market cap of $42.23 billion, a PE ratio of 30.03, a P/E/G ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a twelve month low of $138.86 and a twelve month high of $246.50. The company’s 50 day moving average is $216.28 and its two-hundred day moving average is $199.50.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. Garmin’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.72 EPS. As a group, analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is currently 41.04%.

Insider Activity

In other news, 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 value of $1,635,862.28. Following the sale, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at $33,963,108.50. This represents a 4.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,274 shares of company stock valued at $5,242,686 in the last ninety days. Insiders own 19.54% of the company’s stock.

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.