Geode Capital Management LLC Increases Position in Garmin Ltd. $GRMN

Geode Capital Management LLC grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 1.3% during the second quarter, Holdings Channel reports. The firm owned 4,606,511 shares of the scientific and technical instruments company’s stock after acquiring an additional 59,321 shares during the quarter. Geode Capital Management LLC’s holdings in Garmin were worth $958,405,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kestra Private Wealth Services LLC increased its stake in Garmin by 18.7% during the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company’s stock worth $1,858,000 after purchasing an additional 1,347 shares during the period. Andra AP fonden boosted its stake in shares of Garmin by 87.2% in the second quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock valued at $13,984,000 after purchasing an additional 31,200 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Garmin by 4.2% in the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock valued at $25,370,000 after purchasing an additional 4,943 shares in the last quarter. EFG Asset Management North America Corp. increased its stake in Garmin by 35.1% during the 2nd quarter. EFG Asset Management North America Corp. now owns 13,008 shares of the scientific and technical instruments company’s stock worth $2,714,000 after buying an additional 3,383 shares during the period. Finally, Atlantic Union Bankshares Corp lifted its holdings in Garmin by 5.5% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock worth $9,400,000 after buying an additional 2,340 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Garmin stock opened at $195.18 on Friday. The stock has a market cap of $37.54 billion, a PE ratio of 24.04, a P/E/G ratio of 2.41 and a beta of 1.01. The stock’s fifty day moving average is $236.07 and its two-hundred day moving average is $222.08. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69.

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Tigress Financial lifted 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. Morgan Stanley upped their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Finally, Barclays boosted their price objective on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus price target of $239.50.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the sale, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 19.54% of the stock is owned by corporate insiders.

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.