DoubleLine ETF Adviser LP Invests $766,000 in Garmin Ltd. $GRMN

Key Points

• DoubleLine ETF Adviser LP invested approximately $766,000 in Garmin Ltd., acquiring 3,529 shares during the first quarter of the year.
• Several institutional investors also increased their stakes in Garmin, with 81.60% of the stock now owned by such investors.
• Garmin reported strong quarterly earnings, with an EPS of $2.17, exceeding analysts' expectations and showing a year-over-year revenue increase of 20.4%.

DoubleLine ETF Adviser LP bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 3,529 shares of the scientific and technical instruments company's stock, valued at approximately $766,000.

A number of other institutional investors have also modified their holdings of the company. Groupe la Francaise purchased a new position in Garmin in the 1st quarter worth approximately $33,000. TFC Financial Management Inc. boosted its holdings in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC purchased a new position in Garmin in the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT purchased a new position in Garmin in the 1st quarter worth approximately $38,000. Finally, Garde Capital Inc. purchased a new position in Garmin in the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

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 value of $2,371,760.96. Following the sale, the insider directly owned 36,092 shares of the company's stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction 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 directly owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,960 shares of company stock valued at $4,376,918 over the last three months. Company insiders own 19.54% of the company's stock.

Garmin Price Performance

Shares of GRMN stock traded up $2.18 on Monday, hitting $239.57. 919,013 shares of the stock traded hands, compared to its average volume of 937,938. The company has a market capitalization of $46.12 billion, a PE ratio of 29.54, a PEG ratio of 2.61 and a beta of 1.00. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The company's fifty day moving average is $227.62 and its 200 day moving average is $211.91.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results 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. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $1.58 EPS. The business'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. As a group, equities research analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays restated an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley upped their price target on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target 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.