38,753 Shares in Garmin Ltd. $GRMN Acquired by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB has acquired 38,753 shares of Garmin Ltd. valued at approximately $8,089,000 during the second quarter.
• Insider Cheng-Wei Wang sold 10,202 shares at an average price of $232.48, leading to a 22.04% decrease in their ownership.
• Analysts have mixed ratings on Garmin, with price targets ranging from $167.00 to $305.00, indicating varying expectations for the stock's performance.

AMF Tjanstepension AB purchased a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 38,753 shares of the scientific and technical instruments company's stock, valued at approximately $8,089,000.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC raised its stake in Garmin by 18.7% during the 1st 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 buying an additional 1,347 shares during the period. Concurrent Investment Advisors LLC raised its stake in shares of Garmin by 23.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after purchasing an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Garmin by 46.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after purchasing an additional 28,543 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Garmin by 7.2% in the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock worth $16,368,000 after purchasing an additional 5,089 shares during the last quarter. Finally, First Hawaiian Bank purchased a new stake in shares of Garmin in the first quarter worth approximately $1,649,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Garmin 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 transaction of $2,371,760.96. Following the completion of the transaction, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.38% of the company's stock.

Analyst Ratings Changes

GRMN has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a research note on Saturday, September 27th. Barclays reissued an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley increased their price objective on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday, September 19th. Finally, Tigress Financial increased their price objective on Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $228.75.

Garmin Trading Down 0.3%

Shares of GRMN opened at $256.86 on Friday. The company has a market capitalization of $49.44 billion, a price-to-earnings ratio of 31.67, a PEG ratio of 2.82 and a beta of 0.98. The stock has a 50 day moving average of $236.02 and a 200 day moving average of $214.99. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $258.51.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin's revenue was up 20.4% on a year-over-year basis. During the same period last year, the business posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

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.

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