Canada Pension Plan Investment Board Has $38.92 Million Holdings in Garmin Ltd. $GRMN

Key Points

• Canada Pension Plan Investment Board reduced its stake in Garmin Ltd. by 3.6%, holding approximately $38.92 million worth of shares after selling 6,631 shares in the first quarter.
• CEO Clifton A. Pemble and CFO Douglas G. Boessen sold significant amounts of Garmin stock, with Pemble selling 7,899 shares valued at over $1.6 million.
• Garmin reported a 20.4% increase in quarterly revenue year-over-year, with an EPS of $2.17, surpassing analysts' expectations of $1.90.

Canada Pension Plan Investment Board lowered its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 179,262 shares of the scientific and technical instruments company's stock after selling 6,631 shares during the period. Canada Pension Plan Investment Board owned about 0.09% of Garmin worth $38,923,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Groupe la Francaise acquired a new position in Garmin during the 1st quarter valued at approximately $33,000. TFC Financial Management Inc. boosted its holdings in shares of Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Garmin during the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the 1st quarter worth about $38,000. Finally, Garde Capital Inc. acquired a new stake in shares of Garmin in the 1st quarter worth about $40,000. 81.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Garmin Stock Performance

Shares of NYSE GRMN traded up $0.21 during trading on Thursday, hitting $237.12. The company had a trading volume of 539,849 shares, compared to its average volume of 935,745. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The business's 50-day moving average is $226.39 and its 200 day moving average is $211.91. The company has a market cap of $45.64 billion, a P/E ratio of 29.22, a PEG ratio of 2.66 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating 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 analyst estimates of $1.68 billion. During the same quarter last year, the company posted $1.58 EPS. Garmin'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. On average, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction dated 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Cheng-Wei Wang sold 10,202 shares of the firm'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 transaction of $2,371,760.96. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,960 shares of company stock valued at $4,376,918 in the last 90 days. 19.54% of the stock is currently owned by corporate 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.