Garmin Ltd. $GRMN Stake Lessened by Northern Trust Corp

Northern Trust Corp cut its stake in Garmin Ltd. (NYSE:GRMN) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,697,671 shares of the scientific and technical instruments company’s stock after selling 10,824 shares during the period. Northern Trust Corp’s holdings in Garmin were worth $368,615,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GRMN. Vanguard Group Inc. grew its position in Garmin by 2.0% in the first 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 buying an additional 357,458 shares during the last quarter. Invesco Ltd. grew its position in Garmin by 9.0% in the first 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Garmin by 15.6% in the fourth 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 during the last quarter. Charles Schwab Investment Management Inc. grew its position in Garmin by 0.3% in the first 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 during the last quarter. Finally, GAMMA Investing LLC grew its position in 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 worth $192,259,000 after buying an additional 881,935 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GRMN has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target 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 restated an “underweight” rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley lifted their price target 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. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $222.00.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 7,899 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares of the company’s stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly 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. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Garmin stock opened at $233.4360 on Wednesday. The company has a 50 day moving average price of $219.07 and a 200 day moving average price of $210.30. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The firm has a market capitalization of $44.93 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 2.59 and a beta of 0.99.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business posted $1.58 EPS. The company’s revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.5%. Garmin’s dividend payout ratio is 44.39%.

Garmin Company 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.