Northern Trust Corp Lowers Position in Garmin Ltd. $GRMN

Key Points

• Northern Trust Corp reduced its stake in Garmin Ltd. by 0.6% during the first quarter, owning approximately 1.7 million shares valued at $368 million.
• Garmin reported earnings of $2.17 per share for the recent quarter, exceeding analyst expectations and achieving a 20.4% year-over-year revenue increase to $1.81 billion.
• The company declared a quarterly dividend of $0.90, translating to an annualized dividend yield of 1.5%, with a payout ratio of 44.39%.

Northern Trust Corp trimmed its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,697,671 shares of the scientific and technical instruments company's stock after selling 10,824 shares during the period. Northern Trust Corp owned about 0.88% of Garmin worth $368,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GRMN. TFC Financial Management Inc. grew its stake in 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 purchasing an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Garmin during the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin during the first quarter valued at $38,000. Garde Capital Inc. purchased a new stake in Garmin during the first quarter worth $40,000. Finally, Olde Wealth Management LLC purchased a new stake in Garmin during the first quarter worth $43,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the 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 $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GRMN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted 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. Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, 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. 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Up 2.7%

NYSE:GRMN traded up $6.2060 during mid-day trading on Friday, reaching $235.7960. 498,805 shares of the stock were exchanged, compared to its average volume of 886,126. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The company has a 50 day simple moving average of $220.61 and a 200-day simple moving average of $210.65. The stock has a market capitalization of $45.39 billion, a P/E ratio of 29.07, a P/E/G ratio of 2.52 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 earnings per share for the quarter, beating 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 company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 earnings per share. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. 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 year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.5%. Garmin's dividend payout ratio (DPR) is 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.