Adage Capital Partners GP L.L.C. Purchases 6,600 Shares of Garmin Ltd. $GRMN

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Garmin Ltd. by 4.9% during the first quarter, owning a total of 140,170 shares worth approximately $30.4 million.
• Several other institutional investors, including Kestra Private Wealth Services LLC and Wealth Enhancement Advisory Services LLC, have also boosted their positions in Garmin, indicating increasing institutional confidence in the company.
• Garmin reported strong quarterly earnings with $2.17 per share, surpassing analyst expectations, and has set its FY 2025 guidance at 8.000-8.000 EPS, showcasing positive growth prospects.

Adage Capital Partners GP L.L.C. grew its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 140,170 shares of the scientific and technical instruments company's stock after purchasing an additional 6,600 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.07% of Garmin worth $30,435,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Principal Street Partners LLC lifted its position in shares of Garmin by 1.8% during the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock valued at $660,000 after acquiring an additional 58 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after acquiring an additional 59 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock valued at $58,000 after acquiring an additional 64 shares during the last quarter. Moody National Bank Trust Division lifted its position in shares of Garmin by 2.4% during the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock valued at $655,000 after acquiring an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC lifted its position in shares of Garmin by 5.1% during the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after acquiring an additional 72 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. This trade represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,960 shares of company stock valued at $4,376,918 over the last quarter. Corporate insiders own 19.54% of the company's stock.

Garmin Price Performance

Shares of NYSE GRMN traded down $0.59 during mid-day trading on Wednesday, hitting $237.91. The company had a trading volume of 110,408 shares, compared to its average volume of 930,727. The business's 50-day simple moving average is $228.79 and its 200-day simple moving average is $212.20. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The firm has a market cap of $45.80 billion, a P/E ratio of 29.35, a PEG ratio of 2.63 and a beta of 1.00.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GRMN shares. Morgan Stanley increased their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Barclays reiterated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Garmin has a consensus rating of "Hold" and a consensus target price of $222.00.

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.