Assenagon Asset Management S.A. Raises Stake in Garmin Ltd. $GRMN

Key Points

• Assenagon Asset Management S.A. nearly doubled its Garmin stake in the first quarter, buying an additional 65,209 shares and ending with 131,568 shares valued at about $30.5 million.
• Other institutional investors also made small increases, and hedge funds and institutions now own a substantial 81.60% of Garmin’s shares.
• Garmin reported stronger-than-expected quarterly results, with EPS of $2.08 beating estimates and revenue rising 14% year over year, while analysts currently rate the stock a Moderate Buy with an average target price of $269.40.

Assenagon Asset Management S.A. increased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 98.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 131,568 shares of the scientific and technical instruments company's stock after purchasing an additional 65,209 shares during the quarter. Assenagon Asset Management S.A. owned 0.07% of Garmin worth $30,525,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GRMN. Westmount Partners LLC increased its stake in Garmin by 1.9% in the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company's stock valued at $512,000 after purchasing an additional 42 shares in the last quarter. HHM Wealth Advisors LLC boosted its position in Garmin by 6.9% during the first quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company's stock worth $162,000 after purchasing an additional 45 shares in the last quarter. Daymark Wealth Partners LLC grew its holdings in Garmin by 0.7% in the fourth quarter. Daymark Wealth Partners LLC now owns 6,813 shares of the scientific and technical instruments company's stock valued at $1,382,000 after purchasing an additional 48 shares during the last quarter. S.A. Mason LLC increased its position in shares of Garmin by 2.4% in the fourth quarter. S.A. Mason LLC now owns 2,150 shares of the scientific and technical instruments company's stock valued at $436,000 after buying an additional 50 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Garmin by 1.0% in the third quarter. Quadrant Capital Group LLC now owns 4,917 shares of the scientific and technical instruments company's stock valued at $1,211,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on GRMN. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Wall Street Zen cut shares of Garmin from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Morgan Stanley set a $249.00 target price on Garmin in a report on Thursday, April 30th. JPMorgan Chase & Co. raised their price target on Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, Barclays cut their price target on Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $269.40.

Garmin Price Performance

NYSE:GRMN opened at $233.02 on Friday. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32. The business has a 50 day simple moving average of $241.80 and a 200 day simple moving average of $229.52. The firm has a market capitalization of $44.94 billion, a P/E ratio of 25.98, a P/E/G ratio of 2.78 and a beta of 0.91.

Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the business earned $1.61 EPS. The firm's revenue for the quarter was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Research analysts anticipate that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares of the company's stock, valued at $6,197,317.59. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the business's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the sale, the director directly owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 15.38% of the stock is owned by insiders.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin's products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin's product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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