SW Investment Management LLC lowered its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 23.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,000 shares of the scientific and technical instruments company's stock after selling 40,000 shares during the quarter. Garmin accounts for about 8.7% of SW Investment Management LLC's investment portfolio, making the stock its 6th biggest holding. SW Investment Management LLC owned 0.07% of Garmin worth $28,227,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of GRMN. GAMMA Investing LLC increased its position 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 valued at $192,259,000 after acquiring an additional 881,935 shares during the last quarter. Congress Asset Management Co. boosted its stake in shares of Garmin by 673.4% in 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 acquiring an additional 384,258 shares during the period. Nuveen LLC bought a new position in shares of Garmin in the first quarter worth about $78,900,000. Vanguard Group Inc. boosted its stake in shares of Garmin by 2.0% in 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 acquiring an additional 357,458 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Garmin by 20.2% in 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 acquiring an additional 286,765 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.
Insiders Place Their Bets
In related news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer 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 corporate insiders.
Garmin Stock Down 1.2%
Shares of Garmin stock traded down $2.9090 on Wednesday, hitting $230.5410. 348,463 shares of the company were exchanged, compared to its average volume of 936,127. The stock has a market capitalization of $44.38 billion, a price-to-earnings ratio of 28.43, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99. The company 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.
Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm posted $1.58 EPS. The business's revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.
Garmin Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders 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 dividend yield of 1.6%. Garmin's dividend payout ratio is currently 44.39%.
Analysts Set New Price Targets
A number of brokerages recently commented on GRMN. JPMorgan Chase & Co. increased 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. Morgan Stanley increased their price target on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a 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 data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $222.00.
Get Our Latest Report on GRMN
About Garmin
(
Free Report)
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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