Garmin Ltd. $GRMN Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Garmin Ltd. by 8.7% in the first quarter, holding approximately 0.08% of the company, valued at $31.5 million.
• Garmin reported a 20.4% increase in quarterly revenue year-over-year, reaching $1.81 billion, and beat earnings estimates with $2.17 per share.
• The company recently announced a quarterly dividend of $0.90 per share to be paid on September 26th, representing a yield of 1.5%.

Raymond James Financial Inc. lowered its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 8.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,211 shares of the scientific and technical instruments company's stock after selling 13,789 shares during the period. Raymond James Financial Inc. owned about 0.08% of Garmin worth $31,530,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GRMN. GAMMA Investing LLC boosted its holdings in Garmin by 25,047.9% during the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after buying an additional 881,935 shares in the last quarter. Congress Asset Management Co. boosted its holdings in Garmin by 673.4% during the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after buying an additional 384,258 shares in the last quarter. Nuveen LLC purchased a new stake in Garmin during the first quarter worth about $78,900,000. Vanguard Group Inc. boosted its holdings in Garmin by 2.0% during the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after buying an additional 357,458 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Garmin by 20.2% during the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after buying an additional 286,765 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

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 transaction, the chief financial officer owned 29,146 shares of the company's stock, 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 SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Garmin Stock Performance

Shares of GRMN opened at $235.7960 on Friday. The company has a market capitalization of $45.39 billion, a price-to-earnings ratio of 29.07, a PEG ratio of 2.59 and a beta of 0.99. The company's 50 day simple moving average is $220.61 and its 200 day simple moving average is $210.60. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities analysts expect 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 will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.5%. Garmin's payout ratio is 44.39%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GRMN shares. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Morgan Stanley upped their price target 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 analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Garmin currently has an average rating of "Hold" and a consensus target price of $222.00.

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.

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