Financial Advisors Network Inc. Has $2.77 Million Position in Garmin Ltd. $GRMN

Key Points

• Financial Advisors Network Inc. reduced its stake in Garmin Ltd. by 29.1%, bringing its total shares to 12,758, valued at approximately $2.77 million.
• Garmin's recent earnings report revealed an EPS of $2.17, exceeding analyst expectations, and a revenue of $1.81 billion, marking a 20.4% year-over-year increase.
• The company announced a dividend of $0.90 per share, to be paid on September 26, resulting in an annualized dividend yield of 1.5%.

Financial Advisors Network Inc. lessened its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 29.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,758 shares of the scientific and technical instruments company's stock after selling 5,225 shares during the period. Financial Advisors Network Inc.'s holdings in Garmin were worth $2,770,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Quantbot Technologies LP grew its holdings in shares of Garmin by 1,468.1% during the first quarter. Quantbot Technologies LP now owns 9,691 shares of the scientific and technical instruments company's stock valued at $2,104,000 after buying an additional 9,073 shares in the last quarter. Wellington Management Group LLP raised its position in Garmin by 6.0% during the first 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 buying an additional 1,105 shares during the period. Korea Investment CORP raised its position in Garmin by 37.0% during the first quarter. Korea Investment CORP now owns 100,395 shares of the scientific and technical instruments company's stock valued at $21,799,000 after buying an additional 27,130 shares during the period. Aptus Capital Advisors LLC raised its position in Garmin by 56.5% during the first quarter. Aptus Capital Advisors LLC now owns 3,548 shares of the scientific and technical instruments company's stock valued at $770,000 after buying an additional 1,281 shares during the period. Finally, Brooklyn Investment Group raised its position in Garmin by 7.9% during the first quarter. Brooklyn Investment Group now owns 1,257 shares of the scientific and technical instruments company's stock valued at $273,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Performance

Shares of NYSE:GRMN traded up $6.2060 during midday trading on Friday, hitting $235.7960. 498,805 shares of the stock were exchanged, compared to its average volume of 932,923. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The business's fifty day simple moving average is $219.91 and its two-hundred day simple moving average is $210.53. The company has a market capitalization of $45.39 billion, a PE ratio of 29.07, a P/E/G ratio of 2.53 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data 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. The business 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%.Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last 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, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.5%. Garmin's payout ratio is 44.39%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GRMN shares. Barclays reissued an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley upped their price target on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research 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 issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $222.00.

Insider Buying and Selling at Garmin

In other Garmin 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 transaction of $1,605,471.75. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 29,146 shares in the company, 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. Corporate insiders own 15.38% of the company's stock.

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.