Korea Investment CORP increased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 37.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,395 shares of the scientific and technical instruments company's stock after acquiring an additional 27,130 shares during the quarter. Korea Investment CORP owned about 0.05% of Garmin worth $21,799,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kestra Private Wealth Services LLC boosted its position in Garmin by 18.7% during the first 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 acquiring an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in Garmin by 23.4% during 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 last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Garmin by 46.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after purchasing an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in Garmin by 255.2% in the 1st 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 last quarter. Finally, Federated Hermes Inc. boosted its holdings in Garmin by 12.9% in the 1st 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 last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Garmin
In related news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Barclays reiterated 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average price target of $222.00.
Check Out Our Latest Analysis on GRMN
Garmin Stock Performance
Shares of GRMN stock opened at $229.9880 on Thursday. The firm's 50 day moving average price is $219.49 and its 200-day moving average price is $210.43. 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 $44.27 billion, a P/E ratio of 28.36, a P/E/G ratio of 2.57 and a beta of 0.99.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business posted $1.58 EPS. 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. As a group, research analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.
Garmin Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.6%. Garmin's dividend payout ratio is currently 44.39%.
Garmin Company Profile
(
Free Report)
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.
Further Reading
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