City Holding Co. Sells 447 Shares of Garmin Ltd. (NYSE:GRMN)

City Holding Co. decreased its position in Garmin Ltd. (NYSE:GRMN) by 6.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,453 shares of the scientific and technical instruments company’s stock after selling 447 shares during the period. City Holding Co.’s holdings in Garmin were worth $961,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Epoch Investment Partners Inc. purchased a new position in shares of Garmin in the 4th quarter worth about $54,460,000. SW Investment Management LLC bought a new position in Garmin during the fourth quarter valued at $28,279,000. Goldman Sachs Group Inc. raised its stake in shares of Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after buying an additional 190,739 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of Garmin by 153.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock valued at $37,737,000 after buying an additional 176,908 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Garmin during the 4th quarter worth $20,848,000. Institutional investors own 73.41% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

Several research analysts recently commented on GRMN shares. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Wednesday, June 19th. 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 note on Thursday, May 2nd. Tigress Financial increased their price target on shares of Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. Barclays boosted 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. Finally, Bank of America downgraded shares of Garmin from a “neutral” rating to an “underperform” rating and cut their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. One equities research 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.com, the stock presently has an average rating of “Hold” and an average price target of $156.83.

Garmin Stock Up 1.2 %

NYSE:GRMN traded up $2.00 during midday trading on Monday, hitting $163.45. The company had a trading volume of 38,622 shares, compared to its average volume of 873,228. The company has a market capitalization of $31.40 billion, a PE ratio of 22.79, a P/E/G ratio of 3.45 and a beta of 0.98. Garmin Ltd. has a 52-week low of $99.61 and a 52-week high of $171.64. The stock’s fifty day moving average price is $159.47 and its 200-day moving average price is $141.96.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the company posted $1.02 EPS. Garmin’s quarterly revenue was up 20.4% compared to the same quarter last year. As a group, research analysts forecast that Garmin Ltd. will post 5.77 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s dividend payout ratio is presently 42.31%.

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.