APG Asset Management N.V. Has $32.76 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• APG Asset Management N.V. reduced its stake in Garmin Ltd. by 14.8%, selling 28,400 shares and now owning a total of 163,000 shares valued at approximately $32.76 million.
• Garmin reported a 20.4% year-over-year revenue increase, with earnings per share of $2.17, surpassing analyst estimates by $0.27 during the last quarter.
• The company declared a quarterly dividend of $0.90 per share, representing an annualized yield of 1.5%, with a payout ratio of 44.39%.

APG Asset Management N.V. lowered its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 14.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 163,000 shares of the scientific and technical instruments company's stock after selling 28,400 shares during the period. APG Asset Management N.V. owned 0.08% of Garmin worth $32,764,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GRMN. GAMMA Investing LLC increased its holdings in Garmin by 25,047.9% in the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after buying an additional 881,935 shares during the last quarter. Congress Asset Management Co. increased its holdings in Garmin by 673.4% in the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after buying an additional 384,258 shares during the last quarter. Nuveen LLC acquired a new position in Garmin in the first quarter worth approximately $78,900,000. Vanguard Group Inc. increased its holdings in Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after buying an additional 357,458 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Garmin by 20.2% in the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after buying an additional 286,765 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Up 2.4%

GRMN stock traded up $5.54 during midday trading on Thursday, reaching $241.07. The stock had a trading volume of 1,653,045 shares, compared to its average volume of 934,631. The business has a fifty day simple moving average of $222.64 and a two-hundred day simple moving average of $210.97. The firm has a market cap of $46.40 billion, a price-to-earnings ratio of 29.72, a PEG ratio of 2.56 and a beta of 0.99. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company earned $1.58 EPS. The company's revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were paid 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 dividend payout ratio is currently 44.39%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GRMN. JPMorgan Chase & Co. increased 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. Barclays restated an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley raised their target price on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $222.00.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the 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 owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the 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 directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,960 shares of company stock valued at $4,376,918. 15.38% of the stock is owned by insiders.

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.