Fjarde AP Fonden Fourth Swedish National Pension Fund Cuts Holdings in Garmin Ltd. $GRMN

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Garmin Ltd. by 9.0%, selling 3,800 shares to bring its total ownership to 38,301 shares, valued at approximately $8.3 million.
• Recent insider activity includes Garmin CFO Douglas G. Boessen selling 1,859 shares and CEO Clifton A. Pemble selling 7,899 shares, reflecting decreases in their ownership by 6.00% and 5.28%, respectively.
• Garmin recently announced a quarterly dividend of $0.90 per share, translating to an annualized dividend of $3.60 and a yield of 1.5%, with a dividend payout ratio of 44.39%.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 9.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,301 shares of the scientific and technical instruments company's stock after selling 3,800 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Garmin were worth $8,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of GRMN. GAMMA Investing LLC lifted its holdings in shares of Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after buying an additional 881,935 shares during the period. Congress Asset Management Co. raised its holdings in Garmin by 673.4% in the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after purchasing an additional 384,258 shares during the period. Nuveen LLC bought a new position in Garmin in the 1st quarter worth $78,900,000. Vanguard Group Inc. raised its holdings in Garmin by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after purchasing an additional 357,458 shares during the period. Finally, Northern Trust Corp raised its holdings in Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after purchasing an additional 286,765 shares during the period. 81.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. 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. Morgan Stanley raised their target price on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on Garmin from $215.00 to $250.00 and gave the stock 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 given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $222.00.

Garmin Stock Down 1.5%

GRMN stock traded down $3.4620 during trading on Wednesday, reaching $229.9880. The company's stock had a trading volume of 607,973 shares, compared to its average volume of 884,277. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The company has a market capitalization of $44.27 billion, a P/E ratio of 28.36, a price-to-earnings-growth ratio of 2.57 and a beta of 0.99. The company's fifty day moving average is $219.49 and its 200-day moving average is $210.43.

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 earnings per share (EPS) for the quarter, topping 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 in the prior year, the business posted $1.58 EPS. Garmin's revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders 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 yield of 1.6%. Garmin's payout ratio is presently 44.39%.

Insiders Place Their Bets

In other Garmin news, 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 value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This represents a 6.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Garmin Company 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.