OMERS ADMINISTRATION Corp Has $3.15 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Garmin Ltd. by 10.0%, owning 14,493 shares worth approximately $3.15 million after acquiring an additional 1,315 shares in the first quarter.
• Insider trading activity showed that CEO Clifton A. Pemble sold 7,899 shares for over $1.6 million, reducing his ownership by 5.28%, while another insider sold 10,202 shares for approximately $2.37 million.
• Garmin reported strong quarterly earnings, with $1.81 billion in revenue and $2.17 EPS, beating analyst estimates and showing a 20.4% year-over-year increase in revenue.

OMERS ADMINISTRATION Corp lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 10.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,493 shares of the scientific and technical instruments company's stock after buying an additional 1,315 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Garmin were worth $3,147,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Groupe la Francaise acquired a new stake in shares of Garmin in the first quarter valued at approximately $33,000. TFC Financial Management Inc. raised its position in shares of 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 buying an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new stake in shares of Garmin in the first quarter valued at approximately $40,000. Institutional investors own 81.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GRMN shares. Morgan Stanley lifted their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Barclays restated an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research 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 research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $222.00.

Insider Activity

In other news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $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 the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $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 three months, insiders have sold 19,960 shares of company stock valued at $4,376,918. 19.54% of the stock is currently owned by insiders.

Garmin Stock Down 3.2%

NYSE GRMN traded down $7.68 on Tuesday, hitting $234.14. The company's stock had a trading volume of 1,259,144 shares, compared to its average volume of 938,468. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The company's 50-day moving average is $225.14 and its 200 day moving average is $211.58. The firm has a market cap of $45.07 billion, a PE ratio of 28.87, a PEG ratio of 2.66 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the company posted $1.58 EPS. The company's revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin 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.