Fulton Bank N.A. Grows Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Fulton Bank N.A. increased its stake in shares of Garmin Ltd. (NYSE:GRMN) by 37.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,126 shares of the scientific and technical instruments company’s stock after buying an additional 581 shares during the period. Fulton Bank N.A.’s holdings in Garmin were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GRMN. Wetzel Investment Advisors Inc. purchased a new stake in shares of Garmin in the fourth quarter valued at about $26,000. Clearstead Trust LLC purchased a new stake in shares of Garmin in the first quarter valued at about $30,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $33,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $51,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Garmin in the fourth quarter valued at about $53,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Up 1.9 %

Shares of Garmin stock traded up $3.08 during trading hours on Tuesday, hitting $164.71. The company’s stock had a trading volume of 858,113 shares, compared to its average volume of 862,191. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $179.76. The business has a fifty day moving average of $165.49 and a 200 day moving average of $151.12. The company has a market capitalization of $31.64 billion, a PE ratio of 23.23, a P/E/G ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the firm earned $1.45 earnings per share. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin Ltd. will post 6 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. Garmin’s dividend payout ratio (DPR) is 42.31%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GRMN shares. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Barclays upped their price objective on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday, May 2nd. Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Tigress Financial upped their price objective on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $156.83.

Insider Buying and Selling at Garmin

In other news, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

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.