Royal Bank of Canada cut its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 33.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 137,196 shares of the scientific and technical instruments company’s stock after selling 68,292 shares during the period. Royal Bank of Canada owned 0.07% of Garmin worth $10,283,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. AXA grew its stake in Garmin by 61.0% in the 1st quarter. AXA now owns 42,495 shares of the scientific and technical instruments company’s stock valued at $3,185,000 after buying an additional 16,100 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Garmin by 6.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 152,859 shares of the scientific and technical instruments company’s stock worth $11,458,000 after acquiring an additional 9,203 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Garmin by 45.1% during the 1st quarter. HighTower Advisors LLC now owns 23,631 shares of the scientific and technical instruments company’s stock worth $1,770,000 after acquiring an additional 7,341 shares during the period. Johnson Investment Counsel Inc. lifted its holdings in shares of Garmin by 107.7% during the 1st quarter. Johnson Investment Counsel Inc. now owns 7,415 shares of the scientific and technical instruments company’s stock worth $636,000 after acquiring an additional 3,845 shares during the period. Finally, X Square Capital LLC lifted its holdings in shares of Garmin by 18.3% during the 1st quarter. X Square Capital LLC now owns 3,079 shares of the scientific and technical instruments company’s stock worth $231,000 after acquiring an additional 476 shares during the period. Institutional investors own 46.95% of the company’s stock.

Shares of NASDAQ:GRMN opened at $96.15 on Tuesday. The company has a market cap of $18.12 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 4.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.75 and a quick ratio of 2.74. The firm has a 50 day simple moving average of $90.01 and a 200 day simple moving average of $89.08. Garmin Ltd. has a one year low of $61.04 and a one year high of $105.58.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.07. Garmin had a net margin of 25.30% and a return on equity of 19.38%. The business had revenue of $856.11 million during the quarter, compared to the consensus estimate of $817.65 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. As a group, analysts expect that Garmin Ltd. will post 3.22 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be given a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, March 12th. Garmin’s dividend payout ratio (DPR) is currently 54.83%.

In other Garmin news, EVP Patrick Desbois sold 3,818 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $94.95, for a total value of $362,519.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Munn sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $80.84, for a total transaction of $121,260.00. The disclosure for this sale can be found here. Corporate insiders own 22.00% of the company’s stock.

GRMN has been the subject of a number of recent analyst reports. Cfra cut their price target on shares of Garmin from $104.00 to $95.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. JPMorgan Chase & Co. upped their price target on shares of Garmin from $92.00 to $101.00 and gave the stock an “overweight” rating in a report on Monday, June 8th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Thursday, May 28th. Morgan Stanley upped their price target on shares of Garmin from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Finally, Colliers Secur. raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $118.00 price target for the company in a report on Monday, June 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $95.29.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Institutional Ownership by Quarter for Garmin (NASDAQ:GRMN)

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