Gulf International Bank UK Ltd Decreases Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Gulf International Bank UK Ltd reduced its stake in Garmin Ltd. by 27.7%, selling 3,314 shares and leaving it with 8,665 shares valued at approximately $1.88 million.
• Garmin reported a quarterly earnings per share of $2.17, surpassing the consensus estimate of $1.90, and observed a year-over-year revenue increase of 20.4% to $1.81 billion.
• The company announced a quarterly dividend of $0.90 per share, reflecting an annualized yield of 1.5%, with a payout ratio currently at 44.39%.

Gulf International Bank UK Ltd reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 27.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,665 shares of the scientific and technical instruments company's stock after selling 3,314 shares during the quarter. Gulf International Bank UK Ltd's holdings in Garmin were worth $1,881,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC boosted its position in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Garmin during the fourth quarter valued at $32,795,000. Townsquare Capital LLC boosted its position in Garmin by 50.1% in the 4th quarter. Townsquare Capital LLC now owns 4,053 shares of the scientific and technical instruments company's stock worth $836,000 after purchasing an additional 1,353 shares in the last quarter. Mariner LLC increased its holdings in Garmin by 1.3% in the fourth quarter. Mariner LLC now owns 48,254 shares of the scientific and technical instruments company's stock valued at $9,953,000 after buying an additional 614 shares in the last quarter. Finally, Gabelli Funds LLC acquired a new position in Garmin in the 4th quarter worth about $206,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Garmin

In related 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 value of $399,685.00. Following the completion of the transaction, the chief financial officer directly 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 Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm'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 value of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GRMN shares. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley increased their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. Finally, Barclays reiterated an "underweight" rating and set a $167.00 target price (up previously 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 issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $222.00.

Garmin Price Performance

Shares of NYSE GRMN traded up $1.3180 during trading on Tuesday, hitting $233.9180. The stock had a trading volume of 309,557 shares, compared to its average volume of 936,206. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The firm has a fifty day moving average of $218.60 and a two-hundred day moving average of $210.14. The company has a market capitalization of $45.03 billion, a PE ratio of 28.84, a PEG 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 EPS for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the firm posted $1.58 EPS. Garmin's revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal 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 $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's payout ratio is 44.39%.

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.