Garmin Ltd. $GRMN Shares Bought by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Garmin Ltd. by 0.5% during Q1, holding 220,941 shares valued at approximately $47.97 million.
• Institutional investors now own 81.60% of Garmin's stock, with significant increases in holdings from GAMMA Investing LLC and Congress Asset Management Co.
• Garmin announced a quarterly dividend of $0.90 per share, representing a 1.5% dividend yield and a payout ratio of 44.39%.

Price T Rowe Associates Inc. MD lifted its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,941 shares of the scientific and technical instruments company's stock after buying an additional 1,198 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.11% of Garmin worth $47,974,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Martingale Asset Management L P lifted its stake in shares of Garmin by 31.0% in the first quarter. Martingale Asset Management L P now owns 4,187 shares of the scientific and technical instruments company's stock worth $909,000 after buying an additional 990 shares in the last quarter. Credit Agricole S A increased its position in Garmin by 7.0% during the first quarter. Credit Agricole S A now owns 44,957 shares of the scientific and technical instruments company's stock worth $9,762,000 after purchasing an additional 2,957 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Garmin by 111.2% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 44,441 shares of the scientific and technical instruments company's stock worth $9,649,000 after purchasing an additional 23,395 shares during the last quarter. Quantbot Technologies LP increased its position in Garmin by 1,468.1% during the first quarter. Quantbot Technologies LP now owns 9,691 shares of the scientific and technical instruments company's stock worth $2,104,000 after purchasing an additional 9,073 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Garmin by 6.0% during the first quarter. Wellington Management Group LLP now owns 19,386 shares of the scientific and technical instruments company's stock worth $4,209,000 after purchasing an additional 1,105 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $222.00.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,960 shares of company stock worth $4,376,918. 19.54% of the stock is currently owned by insiders.

Garmin Price Performance

Shares of GRMN stock traded up $0.96 during trading on Monday, reaching $242.01. The company's stock had a trading volume of 1,246,430 shares, compared to its average volume of 781,451. The company has a market capitalization of $46.59 billion, a price-to-earnings ratio of 29.84, a P/E/G ratio of 2.66 and a beta of 1.00. The stock's 50-day moving average price is $224.34 and its 200 day moving average price is $211.37. 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 quarterly earnings results 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. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $1.58 earnings per share. The firm's quarterly 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, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

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.