Ameriprise Financial Inc. Has $62.41 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Ameriprise Financial Inc. reduced its stake in Garmin Ltd. by 11.7%, selling 37,971 shares, leaving it with approximately 0.15% ownership valued at $62.4 million.
• Garmin reported a significant earnings surprise for the last quarter, with $2.17 EPS beating estimates by $0.27, and a revenue increase of 20.4% compared to the prior year.
• The company recently declared a dividend of $0.90 per share, representing a 1.5% dividend yield, with a payout ratio of 44.39%.

Ameriprise Financial Inc. trimmed its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 11.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 287,501 shares of the scientific and technical instruments company's stock after selling 37,971 shares during the period. Ameriprise Financial Inc. owned approximately 0.15% of Garmin worth $62,407,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Garmin by 31.3% during the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after acquiring an additional 463 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Garmin by 1.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 219,743 shares of the scientific and technical instruments company's stock worth $45,325,000 after acquiring an additional 2,954 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in Garmin by 8.5% during the fourth quarter. Integrated Wealth Concepts LLC now owns 8,723 shares of the scientific and technical instruments company's stock worth $1,799,000 after acquiring an additional 685 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Garmin during the fourth quarter worth about $621,000. Finally, Aquatic Capital Management LLC acquired a new position in Garmin during the fourth quarter worth approximately $1,531,000. 81.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on GRMN. Barclays reissued an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley boosted their price target on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $222.00.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business'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 sale, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,960 shares of company stock valued at $4,376,918. 15.38% of the stock is owned by insiders.

Garmin Stock Up 0.4%

Shares of Garmin stock traded up $0.96 on Friday, hitting $242.01. The stock had a trading volume of 1,246,430 shares, compared to its average volume of 785,357. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The business's 50 day moving average is $224.34 and its two-hundred day moving average is $211.36. The stock has a market cap of $46.59 billion, a price-to-earnings ratio of 29.84, a price-to-earnings-growth ratio of 2.66 and a beta of 0.99.

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

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.