Federation des caisses Desjardins du Quebec Buys 5,673 Shares of Garmin Ltd. $GRMN

Key Points

• Federation des caisses Desjardins du Quebec increased its shares in Garmin Ltd. by 129.5% in the first quarter, bringing its total holdings to 10,054 shares valued at approximately $2.18 million.
• Garmin's stock received several new price target revisions, with JPMorgan Chase increasing its target from $215 to $250, while Barclays raised its target from $152 to $167.
• Insider trading activity included significant sales by CFO Douglas G. Boessen and CEO Clifton A. Pemble, who reduced their stock holdings by 6% and 5.28% respectively in recent transactions.

Federation des caisses Desjardins du Quebec increased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 129.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,054 shares of the scientific and technical instruments company's stock after buying an additional 5,673 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Garmin were worth $2,184,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Groupe la Francaise bought a new stake in Garmin in the first quarter valued at $33,000. TFC Financial Management Inc. increased its stake in Garmin by 1,633.3% in 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 purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC bought a new stake in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT bought a new stake in Garmin in the first quarter valued at $38,000. Finally, Garde Capital Inc. bought a new stake in Garmin in the first quarter valued at $40,000. Institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. This represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,960 shares of company stock worth $4,376,918. 15.38% of the stock is owned by corporate insiders.

Garmin Stock Down 1.3%

GRMN stock traded down $3.11 during trading on Friday, reaching $238.07. The stock had a trading volume of 528,634 shares, compared to its average volume of 797,916. The company has a market capitalization of $45.83 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The company's 50 day moving average is $230.27 and its two-hundred day moving average is $212.58.

Garmin (NYSE:GRMN - Get Free Report) last released its 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. The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company's quarterly revenue was up 20.4% on a year-over-year basis. 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 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.