Caisse DE Depot ET Placement DU Quebec Has $119.30 Million Stock Position in Garmin Ltd. $GRMN

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in Garmin Ltd. by 38% during the 1st quarter, acquiring an additional 151,272 shares, bringing its total ownership to approximately 549,417 shares valued at $119.3 million.
• Garmin reported strong financial results for its latest quarter, with earnings per share of $2.17, exceeding analysts' expectations of $1.90, and a revenue of $1.81 billion, up 20.4% year-over-year.
• The company has announced a quarterly dividend of $0.90, which will be paid on September 26th, representing an annualized yield of 1.5% and a payout ratio of 44.39%.

Caisse DE Depot ET Placement DU Quebec increased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 38.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 549,417 shares of the scientific and technical instruments company's stock after purchasing an additional 151,272 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.29% of Garmin worth $119,295,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Thematics Asset Management grew its stake in Garmin by 8.0% during the 1st quarter. Thematics Asset Management now owns 52,343 shares of the scientific and technical instruments company's stock valued at $11,365,000 after acquiring an additional 3,898 shares in the last quarter. ICONIQ Capital LLC purchased a new position in Garmin during the 1st quarter valued at about $237,000. Jump Financial LLC grew its stake in Garmin by 79.9% during the 1st quarter. Jump Financial LLC now owns 77,365 shares of the scientific and technical instruments company's stock valued at $16,798,000 after acquiring an additional 34,369 shares in the last quarter. SVB Wealth LLC purchased a new position in Garmin during the 1st quarter valued at about $150,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Garmin by 14.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 6,408 shares of the scientific and technical instruments company's stock valued at $1,391,000 after acquiring an additional 825 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on GRMN. Barclays reaffirmed an "underweight" rating and set 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $222.00.

Garmin Stock Up 2.4%

Shares of GRMN stock traded up $5.54 during trading hours on Thursday, reaching $241.07. 1,653,093 shares of the company's stock were exchanged, compared to its average volume of 766,443. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.50. The stock has a market capitalization of $46.40 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.59 and a beta of 0.99. The business has a fifty day moving average price of $223.50 and a 200-day moving average price of $211.14.

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

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were paid a $0.90 dividend. 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, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction on Thursday, July 3rd. The stock was 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 in the company, valued at approximately $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. 15.38% of the stock is owned by corporate insiders.

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.