Garmin Ltd. $GRMN Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Garmin Ltd. by 1.4%, now holding 95,301 shares valued at $20.6 million.
• Garmin recently reported second-quarter earnings of $2.17 per share, surpassing estimates, with a revenue of $1.81 billion.
• The company declared a quarterly dividend of $0.90 per share, reflecting an annualized yield of 1.5% and a payout ratio of 44.39%.

Hsbc Holdings PLC decreased its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,301 shares of the scientific and technical instruments company's stock after selling 1,397 shares during the quarter. Hsbc Holdings PLC's holdings in Garmin were worth $20,614,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Garmin by 111.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 44,441 shares of the scientific and technical instruments company's stock valued at $9,649,000 after acquiring an additional 23,395 shares during the last quarter. Quantbot Technologies LP boosted its holdings in shares of Garmin by 1,468.1% in the 1st quarter. Quantbot Technologies LP now owns 9,691 shares of the scientific and technical instruments company's stock valued at $2,104,000 after acquiring an additional 9,073 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Garmin by 6.0% in the 1st 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 acquiring an additional 1,105 shares during the last quarter. Korea Investment CORP boosted its holdings in shares of Garmin by 37.0% in the 1st quarter. Korea Investment CORP now owns 100,395 shares of the scientific and technical instruments company's stock valued at $21,799,000 after acquiring an additional 27,130 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Garmin by 56.5% in the 1st quarter. Aptus Capital Advisors LLC now owns 3,548 shares of the scientific and technical instruments company's stock valued at $770,000 after acquiring an additional 1,281 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction dated 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 owned 141,626 shares of the company's stock, 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. Over the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. Insiders own 15.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Barclays reaffirmed an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. One research 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $222.00.

Garmin Stock Performance

Shares of NYSE GRMN traded up $5.49 during mid-day trading on Thursday, reaching $241.02. The company's stock had a trading volume of 895,802 shares, compared to its average volume of 929,908. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The stock has a market capitalization of $46.39 billion, a P/E ratio of 29.66, a P/E/G ratio of 2.56 and a beta of 0.99. The stock has a 50-day moving average of $222.64 and a two-hundred day moving average of $210.97.

Garmin (NYSE:GRMN - Get Free Report) last released 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. 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 last year, the business earned $1.58 earnings per share. Garmin's revenue 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 predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were 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 currently 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.