State of New Jersey Common Pension Fund D Has $11.58 Million Holdings in Garmin Ltd. $GRMN

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Garmin Ltd. by 4.2%, owning 53,352 shares valued at approximately $11.58 million after selling 2,352 shares in the 1st quarter.
• Garmin's latest quarterly earnings exceeded expectations, reporting $2.17 per share against a consensus estimate of $1.90, contributing to a year-over-year revenue increase of 20.4%.
• The board has declared a quarterly dividend of $0.90 per share, scheduled for payment on September 26th, representing an annualized yield of 1.5%.

State of New Jersey Common Pension Fund D decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 4.2% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 53,352 shares of the scientific and technical instruments company's stock after selling 2,352 shares during the period. State of New Jersey Common Pension Fund D's holdings in Garmin were worth $11,584,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. TFC Financial Management Inc. lifted 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 worth $34,000 after purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC bought a new position in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new stake in Garmin in the 1st quarter valued at $38,000. Garde Capital Inc. bought a new stake in Garmin during the 1st quarter worth about $40,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Garmin during the 1st quarter worth about $43,000. 81.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on GRMN. Morgan Stanley lifted their target price on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, 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. 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $222.00.

Garmin Stock Performance

GRMN traded down $3.4620 on Wednesday, reaching $229.9880. The company had a trading volume of 607,973 shares, compared to its average volume of 937,931. The stock has a market cap of $44.27 billion, a P/E ratio of 28.36, a P/E/G ratio of 2.59 and a beta of 0.99. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.50. The company's fifty day moving average is $219.07 and its 200 day moving average is $210.30.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business's revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.6%. Garmin's payout ratio is 44.39%.

Insiders Place Their Bets

In other news, 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 completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

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.