1,093 Shares in Garmin Ltd. $GRMN Bought by ICONIQ Capital LLC

Key Points

• ICONIQ Capital LLC purchased 1,093 shares of Garmin Ltd. valued at approximately $237,000 in the first quarter, as reported in a Form 13F filing.
• Garmin's stock has a consensus rating of "Hold" and analysts have set an average target price of $222.00, with recent targets ranging from $167.00 to $250.00.
• The company announced a quarterly dividend of $0.90 per share, representing a 1.5% annualized yield, with a payout ratio of 44.39%.

ICONIQ Capital LLC bought a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,093 shares of the scientific and technical instruments company's stock, valued at approximately $237,000.

A number of other institutional investors also recently bought and sold shares of the business. Principal Street Partners LLC raised its stake in Garmin by 1.8% during the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock valued at $660,000 after acquiring an additional 58 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Garmin by 2.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after purchasing an additional 59 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock valued at $58,000 after purchasing an additional 64 shares during the last quarter. Moody National Bank Trust Division increased its holdings in shares of Garmin by 2.4% in the first quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock valued at $655,000 after purchasing an additional 72 shares during the period. Finally, FSM Wealth Advisors LLC raised its stake in shares of Garmin by 5.1% during the first quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after purchasing an additional 72 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Barclays reissued an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average target price of $222.00.

Garmin Stock Performance

Garmin stock opened at $232.86 on Tuesday. The company has a market cap of $44.82 billion, a P/E ratio of 28.71, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The business has a fifty day moving average of $221.19 and a two-hundred day moving average of $210.64.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $1.58 EPS. The business's revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's payout ratio is 44.39%.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. 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.

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.

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