Zurcher Kantonalbank Zurich Cantonalbank Has $8.30 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Garmin Ltd. (NYSE:GRMN) by 69.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,913 shares of the scientific and technical instruments company’s stock after buying an additional 20,924 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Garmin were worth $8,295,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Epoch Investment Partners Inc. bought a new position in Garmin in the fourth quarter worth approximately $54,460,000. M&G Plc bought a new position in Garmin in the first quarter worth approximately $38,727,000. SW Investment Management LLC bought a new position in Garmin in the fourth quarter worth approximately $28,279,000. Goldman Sachs Group Inc. boosted its holdings in 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 worth $110,869,000 after acquiring an additional 190,739 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Garmin in the fourth quarter valued at approximately $20,848,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Patrick Desbois sold 4,126 shares of Garmin stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the transaction, 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 have sold a total of 16,618 shares of company stock valued at $2,851,673 over the last ninety days. 19.54% of the stock is owned by company insiders.

Garmin Trading Up 0.2 %

Shares of NYSE:GRMN traded up $0.45 during trading on Friday, reaching $181.10. The company’s stock had a trading volume of 144,536 shares, compared to its average volume of 833,827. Garmin Ltd. has a 12 month low of $99.61 and a 12 month high of $183.22. The firm’s 50 day simple moving average is $169.54 and its two-hundred day simple moving average is $157.02. The stock has a market capitalization of $34.79 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings data 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. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 earnings per share. Research analysts anticipate that Garmin Ltd. will post 6 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm 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 dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.66%. The ex-dividend date is Friday, March 14th. Garmin’s payout ratio is 42.31%.

Wall Street Analyst Weigh In

GRMN has been the topic of a number of recent analyst reports. Tigress Financial lifted their price target on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. 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 report on Thursday, May 2nd. Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Finally, Barclays raised their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. One 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $156.83.

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.