First Hawaiian Bank Takes $1.65 Million Position in Garmin Ltd. $GRMN

Key Points

• First Hawaiian Bank has acquired a new stake in Garmin Ltd., purchasing 7,595 shares valued at approximately $1.65 million during the first quarter.
• Several institutional investors significantly increased their holdings in Garmin, with GAMMA Investing LLC growing its stake by 25,047.9%.
• Garmin's quarterly earnings report showed an EPS of $2.17, exceeding expectations, with a revenue of $1.81 billion, up 20.4% from the previous year.

First Hawaiian Bank acquired a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,595 shares of the scientific and technical instruments company's stock, valued at approximately $1,649,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Garmin by 25,047.9% in the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after purchasing an additional 881,935 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Garmin by 79.3% in the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock valued at $340,574,000 after purchasing an additional 700,967 shares in the last quarter. Congress Asset Management Co. grew its holdings in shares of Garmin by 673.4% in the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after purchasing an additional 384,258 shares in the last quarter. Nuveen LLC purchased a new position in shares of Garmin in the first quarter valued at $78,900,000. Finally, Vanguard Group Inc. grew its holdings in shares of Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock valued at $4,000,656,000 after purchasing an additional 357,458 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GRMN. Barclays reissued an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Morgan Stanley raised their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $222.00.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company's stock, 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. Over the last ninety days, insiders sold 19,960 shares of company stock valued at $4,376,918. 15.38% of the stock is currently owned by company insiders.

Garmin Stock Down 1.3%

NYSE GRMN opened at $238.07 on Friday. The company has a fifty day moving average of $230.27 and a two-hundred day moving average of $212.58. The firm has a market capitalization of $45.83 billion, a price-to-earnings ratio of 29.36, a PEG ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50.

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 EPS for the quarter, topping the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

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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