Renasant Bank Sells 654 Shares of Garmin Ltd. (NYSE:GRMN)

Renasant Bank reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 35.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,215 shares of the scientific and technical instruments company’s stock after selling 654 shares during the quarter. Renasant Bank’s holdings in Garmin were worth $251,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Garmin during the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. bought a new stake in Garmin in the fourth quarter valued at $29,000. Larson Financial Group LLC raised its holdings in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares during the period. SOA Wealth Advisors LLC. bought a new position in shares of Garmin during the 4th quarter worth about $37,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Garmin in the 3rd quarter valued at about $39,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Garmin news, COO Patrick Desbois sold 6,911 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. This represents a 9.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.14, for a total value of $1,635,862.28. Following the sale, the chief executive officer now directly owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,103 shares of company stock valued at $5,852,364 over the last three months. Corporate insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GRMN. Tigress Financial upped their price target on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Morgan Stanley raised shares of Garmin to a “sell” rating and lifted their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Finally, Barclays upped their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $210.80.

Garmin Stock Up 2.2 %

Shares of NYSE:GRMN opened at $214.00 on Friday. The business’s 50 day moving average is $216.99 and its 200 day moving average is $200.56. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50. The stock has a market cap of $41.18 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.72 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.68%. Garmin’s payout ratio is presently 41.04%.

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.