Allianz Asset Management GmbH Has $98.73 Million Position in Garmin Ltd. $GRMN

Key Points

• Allianz Asset Management GmbH has significantly reduced its position in Garmin Ltd. (GRMN) by 30.2%, selling over 204,000 shares, leaving them with a total of 473,028 shares valued at approximately $98.73 million.
• Analysts are mixed on Garmin's stock, with target prices ranging from $167.00 to $305.00, and it currently holds an average target price of $228.75 amid varied ratings of buy, hold, and sell.
• Garmin reported a quarterly earnings beat with $2.17 EPS on revenue of $1.81 billion, marking a 20.4% increase year-over-year and setting guidance for FY 2025 at 8.000 EPS.

Allianz Asset Management GmbH reduced its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 30.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 473,028 shares of the scientific and technical instruments company's stock after selling 204,943 shares during the period. Allianz Asset Management GmbH owned about 0.25% of Garmin worth $98,730,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Groupe la Francaise acquired a new position in shares of Garmin during the first quarter worth about $33,000. TFC Financial Management Inc. boosted its position in shares of Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Garmin during the first quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin during the first quarter worth about $38,000. Finally, Garde Capital Inc. bought a new stake in Garmin during the first quarter worth about $40,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GRMN shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial upped their target price on Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a report on Tuesday, September 30th. Morgan Stanley upped their target price on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday, September 19th. Barclays reiterated an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $228.75.

Garmin Stock Down 1.2%

NYSE:GRMN opened at $246.56 on Friday. The stock's 50 day moving average price is $240.58 and its two-hundred day moving average price is $217.40. The firm has a market capitalization of $47.46 billion, a price-to-earnings ratio of 30.40, a P/E/G ratio of 2.73 and a beta of 0.98. Garmin Ltd. has a 12-month low of $160.95 and a 12-month high of $261.69.

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

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 15.38% of the stock is owned by corporate insiders.

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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