Assenagon Asset Management S.A. Has $10.94 Million Stake in Garmin Ltd. $GRMN

Key Points

• Assenagon Asset Management S.A. boosted its stake in Garmin Ltd. by 242.7% in Q2, owning 52,416 shares valued at approximately $10.94 million.
• Garmin's stock has seen updated analyst ratings, with Morgan Stanley setting a price target of $193 and JPMorgan Chase & Co. increasing it to $250.
• Garmin reported earnings of $2.17 per share for the last quarter, exceeding estimates, and anticipates a FY 2025 EPS of 8.000-8.000.

Assenagon Asset Management S.A. increased its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 242.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,416 shares of the scientific and technical instruments company's stock after buying an additional 37,122 shares during the period. Assenagon Asset Management S.A.'s holdings in Garmin were worth $10,940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Groupe la Francaise acquired a new stake in shares of Garmin during the 1st quarter worth $33,000. TFC Financial Management Inc. lifted its position in 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 purchasing an additional 147 shares during the period. Wayfinding Financial LLC bought a new stake in Garmin during the first quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the 1st quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin in the 1st quarter valued at approximately $40,000. Institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price objective on shares of Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One investment 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $223.75.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company's stock.

Garmin Price Performance

Garmin stock opened at $237.32 on Wednesday. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The stock's 50 day moving average is $233.08 and its 200 day moving average is $213.09. The firm has a market cap of $45.68 billion, a P/E ratio of 29.26, a P/E/G ratio of 2.59 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business earned $1.58 EPS. The company's revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

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.

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