Ethic Inc. Raises Position in Garmin Ltd. $GRMN

Key Points

• Ethic Inc. increased its stake in Garmin Ltd. by 35.8% during the 1st quarter, owning 35,212 shares valued at approximately $7.66 million.
• Garmin reported $2.17 EPS for the last quarter, surpassing analysts' expectations and showing a 20.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.90 per share, indicating a 1.5% yield with a payout ratio of 44.39%.

Ethic Inc. raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 35.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,212 shares of the scientific and technical instruments company's stock after acquiring an additional 9,284 shares during the quarter. Ethic Inc.'s holdings in Garmin were worth $7,661,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Kestra Private Wealth Services LLC raised its holdings in shares of Garmin by 18.7% in 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 raised its holdings in shares of Garmin by 23.4% in 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 raised its holdings in shares of Garmin by 46.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock worth $96,000 after acquiring an additional 319 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Garmin by 12.9% in the first quarter. Federated Hermes Inc. now owns 675 shares of the scientific and technical instruments company's stock worth $147,000 after acquiring an additional 77 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the business'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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by insiders.

Garmin Stock Down 1.4%

Shares of NYSE:GRMN traded down $3.2610 during midday trading on Wednesday, reaching $230.1890. The company's stock had a trading volume of 319,041 shares, compared to its average volume of 936,034. The business has a 50 day moving average price of $219.07 and a 200 day moving average price of $210.30. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The firm has a market cap of $44.31 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last posted 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 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 firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 earnings per share. The firm's quarterly 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. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is presently 44.39%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on GRMN shares. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley lifted their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Finally, Barclays reaffirmed an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. 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's stock. According to data from MarketBeat.com, Garmin presently 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.