Jump Financial LLC Has $16.80 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Jump Financial LLC increased its stake in Garmin Ltd. by 79.9% in Q1, owning 77,365 shares worth approximately $16.8 million after acquiring an additional 34,369 shares.
• Garmin's quarterly earnings beat expectations, reporting $2.17 EPS, surpassing the consensus estimate of $1.90, with revenue rising 20.4% year-over-year to $1.81 billion.
• The company declared a quarterly dividend of $0.90 per share, which will be paid out on September 26th, reflecting an annual yield of 1.5%.

Jump Financial LLC lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 79.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,365 shares of the scientific and technical instruments company's stock after acquiring an additional 34,369 shares during the quarter. Jump Financial LLC's holdings in Garmin were worth $16,798,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Groupe la Francaise bought a new stake in Garmin during the first quarter valued at about $33,000. TFC Financial Management Inc. boosted its holdings in Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC bought a new stake in Garmin during the first quarter valued at about $34,000. Zions Bancorporation National Association UT bought a new stake in Garmin during the first quarter valued at about $38,000. Finally, Garde Capital Inc. bought a new stake in Garmin during the first quarter valued at about $40,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GRMN. JPMorgan Chase & Co. increased their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Barclays reiterated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, 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 research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $222.00.

Garmin Stock Up 1.3%

GRMN traded up $3.13 during midday trading on Wednesday, reaching $235.73. 602,503 shares of the company's stock were exchanged, compared to its average volume of 930,227. The firm has a market capitalization of $45.38 billion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 2.56 and a beta of 0.99. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The business has a 50-day simple moving average of $221.89 and a two-hundred day simple moving average of $210.79.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company's revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the business posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.5%. Garmin's payout ratio is presently 44.39%.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction 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 directly owned 29,146 shares of the company's stock, valued at $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction on 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 transaction, the chief executive officer directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

About Garmin

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.