Neuberger Berman Group LLC Raises Holdings in Garmin Ltd. $GRMN

Neuberger Berman Group LLC raised its holdings in Garmin Ltd. (NYSE:GRMN) by 13.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,710 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,159 shares during the quarter. Neuberger Berman Group LLC’s holdings in Garmin were worth $3,697,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new position in Garmin during the second quarter worth about $410,304,000. Vanguard Group Inc. grew its stake in shares of Garmin by 6.9% in the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after acquiring an additional 1,273,163 shares in the last quarter. AQR Capital Management LLC grew its stake in Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after purchasing an additional 700,967 shares in the last quarter. Nuveen LLC purchased a new stake in Garmin during the 1st quarter worth about $78,900,000. Finally, Artisan Partners Limited Partnership increased its stake in shares of Garmin by 6.4% during the second quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock worth $1,229,810,000 after buying an additional 356,161 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial raised their target price on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. Finally, Barclays boosted their target price on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $239.50.

Garmin Trading Up 0.5%

Shares of NYSE GRMN opened at $195.72 on Friday. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69. The stock has a market cap of $37.64 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 2.41 and a beta of 1.01. The company’s 50-day moving average price is $226.13 and its 200 day moving average price is $222.06.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.99. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the firm posted $1.99 EPS. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

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.