Public Sector Pension Investment Board Buys 1,696 Shares of Garmin Ltd. $GRMN

Public Sector Pension Investment Board lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,885 shares of the scientific and technical instruments company's stock after buying an additional 1,696 shares during the period. Public Sector Pension Investment Board's holdings in Garmin were worth $4,535,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Meridian Wealth Management LLC acquired a new stake in shares of Garmin during the first quarter worth approximately $328,000. Independent Advisor Alliance grew its stake in shares of Garmin by 856.3% during the first quarter. Independent Advisor Alliance now owns 21,478 shares of the scientific and technical instruments company's stock valued at $4,663,000 after purchasing an additional 19,232 shares during the last quarter. Nuveen LLC bought a new stake in shares of Garmin during the first quarter valued at approximately $78,900,000. Aigen Investment Management LP bought a new stake in shares of Garmin during the first quarter valued at approximately $758,000. Finally, Cooper Financial Group grew its stake in shares of Garmin by 7.5% during the first quarter. Cooper Financial Group now owns 1,216 shares of the scientific and technical instruments company's stock valued at $264,000 after purchasing an additional 85 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Wall Street Analyst Weigh In

GRMN has been the subject of a number of analyst reports. Barclays reaffirmed 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. JPMorgan Chase & Co. lifted their price target 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. Finally, Morgan Stanley boosted their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $222.00.

Garmin Trading Down 0.2%

NYSE GRMN traded down $0.4450 during trading on Thursday, reaching $229.7050. The company's stock had a trading volume of 366,755 shares, compared to its average volume of 933,845. The firm has a market capitalization of $44.22 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 2.57 and a beta of 0.99. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The firm has a 50 day moving average price of $219.49 and a 200 day moving average price of $210.43.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued 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 (DPR) is presently 44.39%.

Insider Buying and Selling

In other news, CEO Clifton A. Pemble sold 7,899 shares of the company'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 transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the company'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 directly 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. Corporate insiders own 15.38% of the company's stock.

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.