Resona Asset Management Co. Ltd. Takes $10.30 Million Position in Garmin Ltd. $GRMN

Resona Asset Management Co. Ltd. bought a new position in shares of Garmin Ltd. (NYSE:GRMN) in the second quarter, Holdings Channel reports. The institutional investor bought 49,358 shares of the scientific and technical instruments company’s stock, valued at approximately $10,302,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Garmin by 2.0% during 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. boosted its holdings in shares of 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 worth $404,329,000 after acquiring an additional 153,267 shares in the last quarter. AQR Capital Management LLC grew its position 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 acquiring an additional 700,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock valued at $262,907,000 after purchasing an additional 211,731 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in 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 purchasing an additional 2,768 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GRMN shares. Morgan Stanley increased their target price on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Tigress Financial raised their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Tuesday, September 30th. 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 note on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Garmin presently has an average rating of “Hold” and a consensus target price of $239.50.

Garmin Trading Down 1.5%

Garmin stock opened at $200.91 on Friday. The company has a market cap of $38.64 billion, a PE ratio of 24.74, a PEG ratio of 2.41 and a beta of 1.01. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The company’s 50-day moving average is $239.16 and its two-hundred day moving average is $222.21.

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

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 15.38% of the company’s stock.

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.