Neuberger Berman Group LLC Buys 4,645 Shares of Garmin Ltd. $GRMN

Key Points

• Neuberger Berman Group LLC increased its stake in Garmin Ltd. by 42.6%, bringing its total holdings to $3.38 million after purchasing an additional 4,645 shares in the first quarter.
• Several other hedge funds have also adjusted their positions in Garmin, with institutional investors owning 81.60% of the company's stock.
• Garmin recently reported $2.17 earnings per share, exceeding analyst expectations, alongside a 20.4% year-over-year revenue growth to $1.81 billion.

Neuberger Berman Group LLC lifted its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 42.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,551 shares of the scientific and technical instruments company's stock after buying an additional 4,645 shares during the period. Neuberger Berman Group LLC's holdings in Garmin were worth $3,377,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Principal Street Partners LLC increased its holdings in shares of Garmin by 1.8% during the fourth quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after buying an additional 58 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Garmin by 2.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after purchasing an additional 59 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Garmin by 31.8% in the first quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after purchasing an additional 64 shares during the last quarter. Moody National Bank Trust Division grew its stake in shares of Garmin by 2.4% in the first quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock worth $655,000 after purchasing an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC grew its stake in shares of Garmin by 5.1% in the first quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after purchasing an additional 72 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction 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. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

Analysts Set New Price Targets

GRMN has been the topic of several analyst reports. Barclays reissued an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley upped their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One 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 stock. According to data from MarketBeat, Garmin has a consensus rating of "Hold" and a consensus price target of $222.00.

Garmin Trading Up 0.6%

Shares of GRMN traded up $1.48 on Tuesday, reaching $234.08. The company's stock had a trading volume of 446,597 shares, compared to its average volume of 937,266. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The stock has a market capitalization of $45.06 billion, a PE ratio of 28.85, a PEG ratio of 2.59 and a beta of 0.99. The firm has a fifty day moving average of $218.60 and a 200-day moving average of $210.14.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share 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 analyst estimates of $1.68 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The firm's 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. As a group, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

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 paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.5%. Garmin's dividend payout ratio (DPR) is 44.39%.

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.