Eventide Asset Management LLC Takes $1.85 Million Position in Garmin Ltd. $GRMN

Key Points

• Eventide Asset Management LLC has acquired 8,544 shares of Garmin Ltd., valued at approximately $1,850,000, indicating growing institutional interest in the company.
• Garmin reported a 20.4% increase in quarterly revenue, posting $1.81 billion, surpassing analysts' estimates, alongside an EPS of $2.17.
• Recent analyst ratings show a mixed perspective, with a consensus price target of $222.00 and ratings ranging from "Strong Buy" to "Sell."

Eventide Asset Management LLC 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 8,544 shares of the scientific and technical instruments company's stock, valued at approximately $1,850,000.

Other hedge funds also recently added to or reduced their stakes in the company. Clark Capital Management Group Inc. purchased a new stake in shares of Garmin during the 1st quarter valued at about $40,322,000. Alliancebernstein L.P. raised its stake in shares of Garmin by 1.7% in the 1st quarter. Alliancebernstein L.P. now owns 169,902 shares of the scientific and technical instruments company's stock valued at $36,891,000 after purchasing an additional 2,813 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock worth $340,574,000 after buying an additional 700,967 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Garmin by 35.9% during the first quarter. Advisors Asset Management Inc. now owns 38,830 shares of the scientific and technical instruments company's stock worth $8,431,000 after purchasing an additional 10,250 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Garmin by 4.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 140,170 shares of the scientific and technical instruments company's stock valued at $30,435,000 after buying an additional 6,600 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GRMN has been the subject of a number of analyst reports. Morgan Stanley boosted 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. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays reissued an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $222.00.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,960 shares of company stock worth $4,376,918. 19.54% of the stock is owned by insiders.

Garmin Stock Down 0.4%

Garmin stock traded down $0.92 during midday trading on Tuesday, hitting $238.59. The company's stock had a trading volume of 526,242 shares, compared to its average volume of 935,531. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The company has a market capitalization of $45.93 billion, a PE ratio of 29.42, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. The stock's 50-day moving average price is $228.24 and its 200-day moving average price is $212.02.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $1.58 EPS. The business's revenue for the quarter 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, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current 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.