Quantbot Technologies LP Boosts Position in Garmin Ltd. $GRMN

Key Points

• Quantbot Technologies LP significantly increased its stake in Garmin Ltd. by 1,468.1%, acquiring an additional 9,073 shares for a total of 9,691 shares worth approximately $2.1 million.
• Garmin reported better-than-expected quarterly earnings with an EPS of $2.17, surpassing the consensus estimate of $1.90, along with a year-over-year revenue growth of 20.4%.
• The company declared a quarterly dividend of $0.90 per share, reflecting an annualized dividend of $3.60 and a yield of 1.6%.

Quantbot Technologies LP lifted its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1,468.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,691 shares of the scientific and technical instruments company's stock after purchasing an additional 9,073 shares during the quarter. Quantbot Technologies LP's holdings in Garmin were worth $2,104,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Garmin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after purchasing an additional 357,458 shares during the period. Invesco Ltd. boosted its position in shares of Garmin by 9.0% in the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company's stock worth $404,329,000 after buying an additional 153,267 shares in the last quarter. Northern Trust Corp boosted its position in shares of Garmin by 20.2% in the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock worth $352,394,000 after buying an additional 286,765 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Garmin by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock worth $206,074,000 after buying an additional 135,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Garmin by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company's stock worth $193,812,000 after buying an additional 2,768 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. 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 report on Thursday, July 31st. Barclays restated an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One equities 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $222.00.

Insider Activity

In other 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 transaction of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $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 available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company's stock.

Garmin Stock Up 2.7%

Shares of GRMN stock traded up $6.2060 during trading hours on Friday, hitting $235.7960. 498,805 shares of the company were exchanged, compared to its average volume of 881,230. The firm has a market cap of $45.39 billion, a PE ratio of 29.07, a PEG ratio of 2.59 and a beta of 0.99. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The firm has a fifty day moving average of $220.61 and a 200 day moving average of $210.53.

Garmin (NYSE:GRMN - Get Free Report) last announced 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 business had revenue of $1.81 billion for 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 period in the prior year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.5%. Garmin's payout ratio is currently 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.