Fulton Bank N.A. Purchases 581 Shares of Garmin Ltd. (NYSE:GRMN)

Fulton Bank N.A. raised its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 37.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,126 shares of the scientific and technical instruments company’s stock after purchasing an additional 581 shares during the period. Fulton Bank N.A.’s holdings in Garmin were worth $346,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. bought a new position in Garmin in the fourth quarter worth about $26,000. Clearstead Trust LLC bought a new position in shares of Garmin in the 1st quarter worth approximately $30,000. Frazier Financial Advisors LLC bought a new position in shares of Garmin in the 4th quarter worth approximately $33,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Garmin during the fourth quarter valued at approximately $51,000. Finally, EdgeRock Capital LLC purchased a new stake in Garmin in the fourth quarter worth $53,000. 73.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Garmin

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Tigress Financial lifted their price target on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $165.00 to $150.00 in a report on Wednesday, May 22nd. Finally, Barclays raised their price target on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. 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 stock. Based on data from MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus price target of $156.83.

Garmin Stock Performance

Shares of GRMN stock traded up $3.08 during mid-day trading 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. The stock has a market cap of $31.64 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 3.55 and a beta of 0.98. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $179.76. The business has a 50-day moving average price of $165.49 and a 200 day moving average price of $151.12.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the business earned $1.45 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. Equities research analysts predict that Garmin Ltd. will post 6 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s payout ratio is currently 42.31%.

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.