Toronto Dominion Bank Decreases Holdings in Garmin Ltd. (NYSE:GRMN)

Toronto Dominion Bank trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 14.5% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 76,507 shares of the scientific and technical instruments company’s stock after selling 12,927 shares during the quarter. Toronto Dominion Bank’s holdings in Garmin were worth $12,465,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in GRMN. Dimensional Fund Advisors LP grew its stake in shares of Garmin by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock worth $282,761,000 after acquiring an additional 13,968 shares during the last quarter. Boston Partners boosted its stake in shares of Garmin by 4.3% in the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after acquiring an additional 58,343 shares during the period. Marshall Wace LLP grew its position in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Garmin by 28.4% during 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 purchasing an additional 190,739 shares during the last quarter. Finally, Captrust Financial Advisors increased its position in Garmin by 20.2% during the first quarter. Captrust Financial Advisors now owns 839,537 shares of the scientific and technical instruments company’s stock valued at $124,982,000 after acquiring an additional 141,001 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

GRMN opened at $173.93 on Friday. The business’s 50 day moving average price is $174.72 and its 200 day moving average price is $163.26. The stock has a market capitalization of $33.41 billion, a PE ratio of 24.71, a P/E/G ratio of 3.04 and a beta of 1.00. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42.

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, topping the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the company earned $1.45 EPS. Garmin’s revenue was up 14.3% on a year-over-year basis. As a group, equities research analysts forecast that Garmin Ltd. will post 6.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GRMN has been the topic of several research reports. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial upped their price objective on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Barclays downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $181.00 to $133.00 in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $152.17.

Insiders Place Their Bets

In other news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Garmin 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 completion of the sale, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares in the company, 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 worth $2,296,174 over the last 90 days. Corporate insiders own 19.54% of the company’s stock.

About Garmin

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.