Quantitative Investment Management LLC Lowers Holdings in Garmin Ltd. $GRMN

Key Points

• Quantitative Investment Management LLC sold 3,227 shares of Garmin, reducing its holdings by 45.7%, bringing its total shares to 3,838 worth approximately $833,000.
• Garmin reported a 20.4% increase in revenue year-over-year, totaling $1.81 billion for the last quarter, outperforming expectations.
• The company announced a quarterly dividend of $0.90 per share, resulting in a dividend yield of 1.5%, with a payout ratio of 44.39%.

Quantitative Investment Management LLC lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 45.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,838 shares of the scientific and technical instruments company's stock after selling 3,227 shares during the quarter. Quantitative Investment Management LLC's holdings in Garmin were worth $833,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Jump Financial LLC boosted its stake in shares of Garmin by 79.9% in the first quarter. Jump Financial LLC now owns 77,365 shares of the scientific and technical instruments company's stock worth $16,798,000 after acquiring an additional 34,369 shares during the period. SVB Wealth LLC bought a new position in shares of Garmin in the first quarter worth about $150,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Garmin by 14.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,408 shares of the scientific and technical instruments company's stock worth $1,391,000 after acquiring an additional 825 shares during the period. Haverford Trust Co boosted its stake in shares of Garmin by 12.1% in the first quarter. Haverford Trust Co now owns 1,156 shares of the scientific and technical instruments company's stock worth $251,000 after acquiring an additional 125 shares during the period. Finally, Groupe la Francaise bought a new position in shares of Garmin in the first quarter worth about $33,000. 81.60% of the stock is currently owned by institutional investors.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% 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 firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,960 shares of company stock valued at $4,376,918 in the last quarter. 15.38% of the stock is currently owned by corporate insiders.

Garmin Trading Up 2.4%

Shares of GRMN stock traded up $5.54 during trading hours on Thursday, reaching $241.07. 1,653,093 shares of the stock were exchanged, compared to its average volume of 934,635. The company's 50-day moving average price is $223.50 and its 200-day moving average price is $211.14. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50. The firm has a market capitalization of $46.40 billion, a price-to-earnings ratio of 29.72, a price-to-earnings-growth ratio of 2.56 and a beta of 0.99.

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 for the quarter, topping the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The company's revenue for the quarter 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 expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's payout ratio is currently 44.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GRMN shares. Barclays reissued an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley boosted their price objective on 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 given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Garmin presently has a consensus rating of "Hold" and an average target price of $222.00.

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.