Fox Run Management L.L.C. Reduces Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Fox Run Management L.L.C. significantly reduced its stake in Garmin Ltd. by 74.9%, selling 3,005 shares and leaving them with 1,006 shares valued at $218,000.
• A number of other institutional investors increased their holdings in Garmin during the first quarter, with Wealth Enhancement Advisory Services LLC raising its stake by 46.7% to own nearly 90,000 shares.
• Garmin reported earnings per share of $2.17 for the last quarter, exceeding analysts' expectations, and also announced a quarterly dividend of $0.90 per share, yielding 1.6% annually.

Fox Run Management L.L.C. reduced its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,006 shares of the scientific and technical instruments company's stock after selling 3,005 shares during the period. Fox Run Management L.L.C.'s holdings in Garmin were worth $218,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC increased its holdings in shares of Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after buying an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in Garmin by 23.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after acquiring an additional 437 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Garmin by 46.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC raised its position in Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock valued at $96,000 after purchasing an additional 319 shares during the period. Finally, Federated Hermes Inc. raised its position in Garmin by 12.9% in the first quarter. Federated Hermes Inc. now owns 675 shares of the scientific and technical instruments company's stock valued at $147,000 after purchasing an additional 77 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly 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 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 company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.38% of the company's stock.

Wall Street Analyst Weigh In

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

Garmin Price Performance

Shares of Garmin stock opened at $229.9880 on Thursday. The stock has a market capitalization of $44.27 billion, a price-to-earnings ratio of 28.36, a price-to-earnings-growth ratio of 2.57 and a beta of 0.99. The business has a 50-day moving average of $219.49 and a 200 day moving average of $210.43. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50.

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 net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm earned $1.58 earnings per share. The business'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. Equities research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

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 given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.6%. Garmin's dividend payout ratio is presently 44.39%.

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.

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