Thematics Asset Management Acquires 3,898 Shares of Garmin Ltd. $GRMN

Key Points

• Thematics Asset Management increased its stake in Garmin Ltd. by 8.0%, owning 52,343 shares valued at approximately $11.37 million.
• Garmin's stock price opened at $235.80, and the company reported a 20.4% annual revenue increase with quarterly earnings exceeding estimates.
• Garmin recently announced a quarterly dividend of $0.90 per share, representing a yield of 1.5%.

Thematics Asset Management lifted its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,343 shares of the scientific and technical instruments company's stock after acquiring an additional 3,898 shares during the period. Thematics Asset Management's holdings in Garmin were worth $11,365,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRMN. GAMMA Investing LLC lifted its holdings in shares of Garmin by 25,047.9% in the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after purchasing an additional 881,935 shares in the last quarter. Congress Asset Management Co. raised its position in Garmin by 673.4% in 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 during the last quarter. Nuveen LLC bought a new stake in Garmin in the 1st quarter valued at approximately $78,900,000. Vanguard Group Inc. boosted its position in 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 acquiring an additional 357,458 shares during the last quarter. Finally, Northern Trust Corp grew its stake 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 worth $352,394,000 after acquiring an additional 286,765 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Barclays reiterated an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley increased 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 investment 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 stock. According to MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,859 shares of the business'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 sale, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were 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 directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,960 shares of company stock valued at $4,376,918. 15.38% of the stock is owned by insiders.

Garmin Stock Performance

GRMN traded up $5.54 during trading hours on Thursday, reaching $241.07. The company's stock had a trading volume of 1,653,057 shares, compared to its average volume of 934,631. The company's 50-day moving average is $222.64 and its 200-day moving average is $210.97. 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 $46.40 billion, a PE 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 data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. The company 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 earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal 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 issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.5%. Garmin's dividend payout ratio 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.