Round Hill Asset Management Sells 1,580 Shares of Garmin Ltd. $GRMN

Key Points

• Round Hill Asset Management has decreased its stake in Garmin Ltd. by 9.8%, now holding 14,594 shares valued at approximately $3.17 million.
• Insider trading activity included CFO Douglas G. Boessen selling 1,859 shares and CEO Clifton A. Pemble selling 7,899 shares, representing decreases of 6.00% and 5.28% in their ownership, respectively.
• JPMorgan Chase lifted its price target for Garmin shares from $215.00 to $250.00, while Barclays set a revised target of $167.00, indicating varying analyst sentiment towards the stock.

Round Hill Asset Management cut its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 9.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,594 shares of the scientific and technical instruments company's stock after selling 1,580 shares during the quarter. Garmin comprises 2.3% of Round Hill Asset Management's investment portfolio, making the stock its 14th biggest position. Round Hill Asset Management's holdings in Garmin were worth $3,169,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GRMN. GAMMA Investing LLC lifted its stake in Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after purchasing an additional 881,935 shares in the last quarter. Congress Asset Management Co. raised its position in shares of Garmin by 673.4% during the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after buying an additional 384,258 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Garmin during the 1st quarter valued at $78,900,000. Vanguard Group Inc. raised its position 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 valued at $4,000,656,000 after buying an additional 357,458 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Garmin by 20.2% during the 4th quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company's stock valued at $352,394,000 after buying an additional 286,765 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GRMN. Morgan Stanley raised their price objective 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. JPMorgan Chase & Co. increased 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. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $222.00.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated Thursday, July 3rd. The shares were 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 directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction that occurred on Monday, June 16th. The stock was 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 $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by insiders.

Garmin Price Performance

NYSE GRMN traded down $0.4870 during trading hours on Thursday, reaching $229.6630. 556,651 shares of the company's stock traded hands, compared to its average volume of 935,532. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The firm has a market cap of $44.21 billion, a PE ratio of 28.32, a PEG ratio of 2.57 and a beta of 0.99. The firm has a 50-day simple moving average of $219.49 and a 200 day simple moving average of $210.43.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the company earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.6%. Garmin's dividend payout ratio (DPR) is presently 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.