Dorsey & Whitney Trust CO LLC Cuts Stake in Garmin Ltd. (NYSE:GRMN)

Dorsey & Whitney Trust CO LLC trimmed its stake in Garmin Ltd. (NYSE:GRMN) by 2.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,242 shares of the scientific and technical instruments company’s stock after selling 67 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Garmin were worth $365,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Choreo LLC purchased a new stake in shares of Garmin during the 2nd quarter valued at $415,000. Wedbush Securities Inc. grew its position in Garmin by 261.6% during the second quarter. Wedbush Securities Inc. now owns 5,620 shares of the scientific and technical instruments company’s stock valued at $916,000 after acquiring an additional 4,066 shares during the period. Prudential PLC increased its stake in Garmin by 119.6% during the second quarter. Prudential PLC now owns 3,033 shares of the scientific and technical instruments company’s stock worth $494,000 after acquiring an additional 1,652 shares during the last quarter. Custom Index Systems LLC purchased a new position in shares of Garmin in the 2nd quarter worth about $820,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Garmin in the 2nd quarter valued at about $5,390,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Insiders sold a total of 12,892 shares of company stock valued at $2,296,174 in the last ninety days. Insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $182.85 on Thursday. The company has a market cap of $35.12 billion, a P/E ratio of 25.79, a PEG ratio of 3.12 and a beta of 1.00. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42. The business’s 50-day simple moving average is $173.15 and its 200 day simple moving average is $160.72.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.45 earnings per share. Analysts predict that Garmin Ltd. will post 6.05 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.64%. Garmin’s payout ratio is currently 42.31%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GRMN shares. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday. Bank of America lowered shares of Garmin from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $156.83.

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.