Commerce Bank Reduces Position in Garmin Ltd. (NYSE:GRMN)

Commerce Bank lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 177,191 shares of the scientific and technical instruments company’s stock after selling 5,480 shares during the quarter. Commerce Bank owned approximately 0.09% of Garmin worth $22,776,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. 1620 Investment Advisors Inc. lifted its stake in Garmin by 4.0% in the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after acquiring an additional 84 shares during the period. Greenleaf Trust lifted its stake in Garmin by 2.5% in the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after acquiring an additional 87 shares during the period. First Trust Direct Indexing L.P. lifted its stake in Garmin by 1.4% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock worth $924,000 after acquiring an additional 96 shares during the period. Blue Trust Inc. lifted its stake in Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after acquiring an additional 99 shares during the period. Finally, Lindbrook Capital LLC lifted its stake in Garmin by 32.0% in the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after acquiring an additional 113 shares during the period. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Down 0.0 %

GRMN traded down $0.01 during trading hours on Friday, reaching $162.72. 198,409 shares of the company’s stock traded hands, compared to its average volume of 914,009. The firm has a 50-day moving average price of $152.97 and a 200 day moving average price of $135.45. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $171.64. The firm has a market capitalization of $31.26 billion, a PE ratio of 22.95, a PEG ratio of 3.58 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business earned $1.02 EPS. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. Equities analysts predict that Garmin Ltd. will post 5.63 EPS for the current fiscal year.

Analyst Ratings Changes

GRMN has been the subject of a number of research reports. Barclays increased their price objective on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. raised their target price on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $165.00 to $150.00 in a research report on Wednesday. Tigress Financial lifted their price objective on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Barrington Research boosted their price target on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $156.83.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the transaction, the director now directly owns 758,834 shares of the company’s stock, valued at approximately $106,236,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock worth $14,166,944 in the last three months. 19.54% of the stock is owned by insiders.

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.