Trust Co. of Vermont Cuts Stock Position in Garmin Ltd. (NYSE:GRMN)

Trust Co. of Vermont decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 15.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 500 shares of the scientific and technical instruments company’s stock after selling 92 shares during the period. Trust Co. of Vermont’s holdings in Garmin were worth $103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in GRMN. Citigroup Inc. lifted its holdings in Garmin by 123.2% in the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock valued at $49,889,000 after purchasing an additional 156,441 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Garmin in the second quarter valued at about $508,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Garmin in the third quarter worth about $695,000. Trajan Wealth LLC boosted its position in Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after acquiring an additional 6,878 shares during the last quarter. Finally, Passumpsic Savings Bank purchased a new stake in Garmin during the 3rd quarter valued at about $3,137,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN opened at $215.50 on Monday. The company has a market capitalization of $41.38 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.26 and a beta of 0.98. Garmin Ltd. has a 1 year low of $119.15 and a 1 year high of $222.97. The company’s 50 day simple moving average is $211.45 and its 200 day simple moving average is $187.48.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period last year, the company posted $1.41 EPS. Equities analysts expect that Garmin Ltd. will post 7.01 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GRMN has been the topic of several analyst reports. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays lifted their target price on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, Tigress Financial boosted their target price on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin presently has a consensus rating of “Hold” and an average target price of $171.00.

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.