Zurcher Kantonalbank Zurich Cantonalbank Sells 33,277 Shares of Garmin Ltd. (NYSE:GRMN)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 52.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,309 shares of the scientific and technical instruments company’s stock after selling 33,277 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Garmin were worth $3,896,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of Garmin by 5.3% during the third quarter. Independent Advisor Alliance now owns 2,207 shares of the scientific and technical instruments company’s stock worth $232,000 after buying an additional 111 shares in the last quarter. Balentine LLC grew its holdings in shares of Garmin by 2.0% during the third quarter. Balentine LLC now owns 6,595 shares of the scientific and technical instruments company’s stock worth $694,000 after buying an additional 131 shares in the last quarter. Syntax Advisors LLC grew its holdings in shares of Garmin by 3.2% during the third quarter. Syntax Advisors LLC now owns 4,793 shares of the scientific and technical instruments company’s stock worth $504,000 after buying an additional 148 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Garmin by 41.1% during the fourth quarter. Global Retirement Partners LLC now owns 556 shares of the scientific and technical instruments company’s stock worth $69,000 after buying an additional 162 shares in the last quarter. 73.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,476 shares of company stock valued at $14,166,944. Insiders own 19.89% of the company’s stock.

Garmin Stock Up 1.1 %

GRMN opened at $141.02 on Tuesday. Garmin Ltd. has a 12-month low of $94.89 and a 12-month high of $149.54. The stock has a market cap of $27.04 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 4.58 and a beta of 0.98. The business has a 50 day moving average of $140.87 and a 200-day moving average of $126.85.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm posted $1.35 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. As a group, analysts expect that Garmin Ltd. will post 5.45 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 2.13%. Garmin’s payout ratio is currently 43.52%.

Analyst Upgrades and Downgrades

GRMN has been the subject of a number of analyst reports. Barrington Research raised their price target on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. JPMorgan Chase & Co. raised their price target on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Bank of America raised their price target on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. Tigress Financial restated a “strong-buy” rating and issued a $175.00 price target (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Finally, StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $142.33.

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.