Stony Point Capital LLC Has $30.74 Million Stock Position in Garmin Ltd. $GRMN

Key Points

• Stony Point Capital LLC increased its stake in Garmin Ltd. by 172% during Q1, holding 141,551 shares valued at approximately $30.74 million.
• Garmin reported earnings of $2.17 EPS for the last quarter, surpassing expectations and showing a revenue increase of 20.4% year-over-year.
• The company also declared a quarterly dividend of $0.90 per share, reflecting an annualized yield of 1.5%.

Stony Point Capital LLC raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 172.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,551 shares of the scientific and technical instruments company's stock after purchasing an additional 89,502 shares during the period. Garmin makes up approximately 3.2% of Stony Point Capital LLC's holdings, making the stock its 8th biggest position. Stony Point Capital LLC owned 0.07% of Garmin worth $30,735,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Garmin by 2.0% in 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 purchasing an additional 357,458 shares during the period. Invesco Ltd. boosted its holdings in 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 valued at $404,329,000 after purchasing an additional 153,267 shares during the period. Northern Trust Corp boosted its holdings in 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 valued at $352,394,000 after purchasing an additional 286,765 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 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 valued at $206,074,000 after purchasing an additional 135,135 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake 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 valued at $193,812,000 after buying an additional 2,768 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Garmin Stock Up 2.4%

Shares of Garmin stock opened at $241.07 on Friday. The stock has a market capitalization of $46.40 billion, a P/E ratio of 29.72, a price-to-earnings-growth ratio of 2.59 and a beta of 0.99. The company has a 50-day simple moving average of $223.50 and a 200 day simple moving average of $211.14. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its 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. 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 firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the company posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts anticipate 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 was paid on Friday, June 27th. Shareholders of record on Monday, June 16th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.5%. Garmin's payout ratio is presently 44.39%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GRMN. Morgan Stanley increased their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. increased their price objective 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, Barclays restated an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note 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 given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $222.00.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the firm's 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 sale, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,960 shares of company stock worth $4,376,918. 15.38% of the stock is currently owned by corporate insiders.

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.

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