Fifth Third Bancorp Has $1.33 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Fifth Third Bancorp lessened its stake in Garmin Ltd. (NYSE:GRMN) by 1.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 6,449 shares of the scientific and technical instruments company’s stock after selling 126 shares during the quarter. Fifth Third Bancorp’s holdings in Garmin were worth $1,330,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GRMN. Pinnacle Bancorp Inc. bought a new stake in Garmin in the 4th quarter valued at $29,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin in the second quarter valued at about $31,000. Larson Financial Group LLC boosted its position 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 worth $33,000 after buying an additional 162 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Garmin during the third quarter worth about $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in Garmin in the 3rd quarter valued at approximately $59,000. Institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the firm’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 in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Garmin Price Performance

Shares of GRMN stock opened at $217.59 on Wednesday. The company has a fifty day moving average price of $211.97 and a two-hundred day moving average price of $189.72. Garmin Ltd. has a one year low of $119.15 and a one year high of $222.97. The stock has a market cap of $41.78 billion, a P/E ratio of 27.61, a P/E/G ratio of 1.31 and a beta of 0.98.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GRMN. Barclays raised their price target 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. Tigress Financial raised their target price on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Finally, Morgan Stanley cut shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Garmin currently 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.