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

Geode Capital Management LLC raised its position in Garmin Ltd. (NYSE:GRMN) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,606,511 shares of the scientific and technical instruments company’s stock after acquiring an additional 59,321 shares during the period. Geode Capital Management LLC owned approximately 2.39% of Garmin worth $958,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in shares of Garmin by 2.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 19,255 shares of the scientific and technical instruments company’s stock valued at $4,019,000 after purchasing an additional 483 shares during the last quarter. M&G PLC increased its stake in Garmin by 53.9% during the 2nd quarter. M&G PLC now owns 264,555 shares of the scientific and technical instruments company’s stock valued at $55,292,000 after purchasing an additional 92,647 shares in the last quarter. KBC Group NV increased its stake in Garmin by 643.3% during the 2nd quarter. KBC Group NV now owns 202,874 shares of the scientific and technical instruments company’s stock valued at $42,344,000 after purchasing an additional 175,582 shares in the last quarter. National Pension Service raised its holdings in shares of Garmin by 0.6% in the second quarter. National Pension Service now owns 273,864 shares of the scientific and technical instruments company’s stock worth $57,161,000 after buying an additional 1,724 shares during the last quarter. Finally, Advyzon Investment Management LLC increased its holdings in shares of Garmin by 21.3% in the second quarter. Advyzon Investment Management LLC now owns 2,506 shares of the scientific and technical instruments company’s stock valued at $523,000 after purchasing an additional 440 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

GRMN stock opened at $195.18 on Friday. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69. The firm has a market cap of $37.54 billion, a PE ratio of 24.04, a PEG ratio of 2.41 and a beta of 1.01. The firm’s 50 day moving average price is $236.07 and its 200-day moving average price is $222.08.

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 for the quarter, hitting the consensus estimate of $1.99. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on GRMN shares. Barclays lifted their price objective on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. 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 report on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Tigress Financial raised their price objective on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. boosted their target price on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $239.50.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.54% of the company’s stock.

Garmin 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.