AGF Management Ltd. Decreases Stock Position in Garmin Ltd. (NYSE:GRMN)

Key Points

• AGF Management Ltd. reduced its holdings in Garmin Ltd. by 12.2% in Q1 2023, owning 57,234 shares valued at approximately $12.43 million after selling 7,980 shares.
• Several research analysts have increased their price targets for Garmin, with JPMorgan Chase raising its target from $215.00 to $250.00, now rating the stock as "neutral."
• Garmin declared a quarterly dividend of $0.90, with a projected annualized yield of 1.6% and a payout ratio of 44.39%.

AGF Management Ltd. decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,234 shares of the scientific and technical instruments company's stock after selling 7,980 shares during the quarter. AGF Management Ltd.'s holdings in Garmin were worth $12,427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Street Partners LLC grew its position in Garmin by 1.8% in 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 buying an additional 58 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Garmin by 2.7% in the first 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 acquiring an additional 59 shares during the period. Harbour Investments Inc. raised its stake in shares of Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after buying an additional 64 shares during the last quarter. Moody National Bank Trust Division raised its stake in shares of Garmin by 2.4% during the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock worth $655,000 after buying an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC raised its stake in shares of Garmin by 5.1% during the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after buying an additional 72 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

GRMN has been the subject of several analyst reports. Barclays reissued an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley lifted their price target on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $222.00.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by insiders.

Garmin Trading Down 1.1%

GRMN traded down $2.68 during midday trading on Friday, hitting $232.38. The company's stock had a trading volume of 633,826 shares, compared to its average volume of 894,582. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The firm has a market cap of $44.73 billion, a P/E ratio of 28.65, a PEG ratio of 2.62 and a beta of 0.99. The firm has a 50-day moving average price of $218.12 and a two-hundred day moving average price of $210.10.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 EPS. The company's revenue for the quarter was up 20.4% on a year-over-year basis. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued 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 currently 44.39%.

Garmin 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.