1,825 Garmin Ltd. $GRMN Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Garmin Ltd. (NYSE:GRMN) by 7.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,792 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,825 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Garmin were worth $7,111,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Bank of America Corp DE lifted its stake in Garmin by 73.8% in the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock valued at $300,499,000 after buying an additional 549,954 shares during the period. Amundi grew its position in shares of Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock worth $236,027,000 after buying an additional 459,980 shares during the period. Hsbc Holdings PLC increased its stake in shares of Garmin by 282.4% in the 1st quarter. Hsbc Holdings PLC now owns 272,512 shares of the scientific and technical instruments company’s stock valued at $63,190,000 after acquiring an additional 201,240 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Garmin by 51.2% in the 1st quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company’s stock valued at $81,491,000 after acquiring an additional 119,011 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Garmin by 98.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 131,568 shares of the scientific and technical instruments company’s stock valued at $30,525,000 after acquiring an additional 65,209 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 12th. Arete Research initiated coverage on shares of Garmin in a research note on Wednesday, October 14th. They issued a “buy” rating and a $335.00 target price for the company. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Morgan Stanley lifted their price target on shares of Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Finally, KeyCorp reissued a “sector weight” rating on shares of Garmin in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $313.71.

Insider Activity at Garmin

In other news, VP Joshua H. Maxfield sold 1,152 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the transaction, the vice president owned 15,042 shares in the company, valued at $4,379,177.46. This represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton Pemble sold 4,029 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the completion of the transaction, the chief executive officer owned 120,127 shares of the company’s stock, valued at $36,038,100. This trade represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 16,108 shares of company stock valued at $4,808,799. Corporate insiders own 14.80% of the company’s stock.

Garmin News Summary

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Garmin introduced the premium Edge 1060 cycling computer with hands-free voice controls for workout data, navigation and messaging. The launch expands Garmin’s higher-end cycling ecosystem and could support product demand. New Garmin Edge 1060 cycling computer gives cyclists hands-free voice control
• Positive Sentiment: The company also unveiled the Edge Explore 3 and Edge Explore 3 Plus cycling computers, adding maps, ride data, alerts and onboard audio features aimed at recreational cyclists. Garmin Edge Explore 3 cycling computers
• Positive Sentiment: Garmin launched the Tacx Nēra indoor smart trainer, featuring multidirectional movement and power and cadence accuracy within 1%. The product broadens Garmin’s connected fitness offerings and strengthens its position in indoor cycling. Garmin unveils Tacx Nēra
• Neutral Sentiment: Garmin is scheduled to report quarterly earnings on Wednesday. Analysts are looking for approximately $2.73 in quarterly EPS and $10.08 for the full year, making the report a near-term volatility catalyst. Garmin set to release quarterly earnings
• Neutral Sentiment: A comparison with Daktronics characterized Garmin as a value-investing candidate, but the analysis does not represent a new earnings or guidance change. Zacks Research maintains a Hold rating, with full-year EPS projected at $10.08. DAKT or GRMN value comparison
• Negative Sentiment: Exchange-traded funds were reported as net sellers of Garmin on October 16, creating modest technical or flow-related pressure despite the stock’s broader upward momentum. ETFs are net sellers of Garmin

Garmin Price Performance

Shares of Garmin stock opened at $291.38 on Thursday. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $314.28. The business has a 50-day moving average of $284.53 and a two-hundred day moving average of $262.59. The company has a market capitalization of $56.19 billion, a P/E ratio of 30.04, a price-to-earnings-growth ratio of 3.25 and a beta of 0.82.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the firm posted $2.17 earnings per share. Garmin’s revenue was up 11.4% compared to the same quarter last year. On average, equities analysts anticipate that Garmin Ltd. will post 10.08 EPS for the current fiscal year.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.