Investment Management Corp of Ontario Acquires 5,494 Shares of Garmin Ltd. $GRMN

Investment Management Corp of Ontario grew its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 43.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 18,013 shares of the scientific and technical instruments company’s stock after acquiring an additional 5,494 shares during the quarter. Investment Management Corp of Ontario’s holdings in Garmin were worth $3,760,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Garmin during the second quarter worth approximately $410,304,000. Vanguard Group Inc. lifted its stake in shares of Garmin by 6.9% in the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after purchasing an additional 1,273,163 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Garmin by 79.3% in 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 during the period. Amundi increased its position in shares of Garmin by 138.0% during the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock valued at $247,255,000 after purchasing an additional 671,859 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Garmin during the 1st quarter valued at $78,900,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $210.06 on Thursday. The stock has a market cap of $40.40 billion, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The firm has a 50-day moving average of $219.72 and a two-hundred day moving average of $222.17. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69.

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

Wall Street Analyst Weigh In

Several research analysts have commented on GRMN shares. Morgan Stanley lifted their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Barclays increased their price objective 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. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research report on Wednesday, December 3rd. Finally, Tigress Financial increased their price target on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and an average target price of $241.60.

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.