Garmin Ltd. (NYSE:GRMN) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 1.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 30,904 shares of the scientific and technical instruments company’s stock after selling 541 shares during the period. M&T Bank Corp’s holdings in Garmin were worth $5,440,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of GRMN. Public Employees Retirement System of Ohio acquired a new position in shares of Garmin in the third quarter valued at approximately $11,604,000. EWA LLC acquired a new stake in shares of Garmin in the 3rd quarter worth $186,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Garmin by 6.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 46,176 shares of the scientific and technical instruments company’s stock worth $8,128,000 after acquiring an additional 2,626 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Garmin during the third quarter worth about $482,000. Finally, Orion Portfolio Solutions LLC raised its holdings in Garmin by 9.3% during the third quarter. Orion Portfolio Solutions LLC now owns 7,800 shares of the scientific and technical instruments company’s stock worth $1,373,000 after purchasing an additional 664 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GRMN has been the topic of several recent analyst reports. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $162.67.

Garmin Stock Down 2.2 %

NYSE:GRMN opened at $215.97 on Friday. The company has a market capitalization of $41.47 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97. Garmin Ltd. has a 52-week low of $119.15 and a 52-week high of $222.97. The stock has a fifty day simple moving average of $194.68 and a 200-day simple moving average of $178.51.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. As a group, equities analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.54% of the stock is currently owned by company insiders.

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.