Credit Agricole S A Buys 2,957 Shares of Garmin Ltd. $GRMN

Key Points

• Credit Agricole S A increased its holdings in Garmin Ltd. by 7.0%, acquiring an additional 2,957 shares, bringing its total to 44,957 shares worth approximately $9.76 million.
• Garmin reported strong earnings with a $2.17 EPS, surpassing analysts' expectations of $1.90, and revenue growth of 20.4% year-over-year.
• The company announced a quarterly dividend of $0.90 per share, equating to an annualized yield of 1.6%, set for payment on September 26th.

Credit Agricole S A increased its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 7.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,957 shares of the scientific and technical instruments company's stock after purchasing an additional 2,957 shares during the period. Credit Agricole S A's holdings in Garmin were worth $9,762,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Garmin by 111.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 44,441 shares of the scientific and technical instruments company's stock worth $9,649,000 after acquiring an additional 23,395 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Garmin by 1,468.1% during the 1st quarter. Quantbot Technologies LP now owns 9,691 shares of the scientific and technical instruments company's stock valued at $2,104,000 after purchasing an additional 9,073 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Garmin by 6.0% during the 1st quarter. Wellington Management Group LLP now owns 19,386 shares of the scientific and technical instruments company's stock valued at $4,209,000 after purchasing an additional 1,105 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Garmin by 37.0% during the 1st quarter. Korea Investment CORP now owns 100,395 shares of the scientific and technical instruments company's stock valued at $21,799,000 after purchasing an additional 27,130 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its stake in shares of Garmin by 56.5% during the 1st quarter. Aptus Capital Advisors LLC now owns 3,548 shares of the scientific and technical instruments company's stock valued at $770,000 after purchasing an additional 1,281 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Activity at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the 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 sale, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 19.54% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GRMN. Morgan Stanley lifted their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays reaffirmed an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. 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. Based on data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average price target of $222.00.

Garmin Stock Performance

Shares of GRMN stock traded up $6.2060 during trading hours on Friday, reaching $235.7960. The company had a trading volume of 498,805 shares, compared to its average volume of 881,230. The business has a fifty day moving average price of $220.61 and a 200-day moving average price of $210.53. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The firm has a market cap of $45.39 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last announced 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. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm 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 business posted $1.58 earnings per share. The business'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. Equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's dividend payout ratio is presently 44.39%.

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.