Garmin Ltd. $GRMN Shares Acquired by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in Garmin Ltd. by 47.8% during the 2nd quarter, now owning 78,525 shares worth approximately $16.3 million.
• Garmin reported better-than-expected quarterly earnings with an EPS of $2.17, exceeding analyst estimates of $1.90, and a revenue of $1.81 billion.
• Analysts have set varying price targets for Garmin, with Tigress Financial raising their target to $305, while Barclays maintains an underweight rating with a target of $167.

Nordea Investment Management AB lifted its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 47.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,525 shares of the scientific and technical instruments company's stock after purchasing an additional 25,410 shares during the period. Nordea Investment Management AB's holdings in Garmin were worth $16,266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Garmin by 23.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after purchasing an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after purchasing an additional 28,543 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Garmin during the 1st quarter worth approximately $1,649,000. Finally, Acadian Asset Management LLC lifted its holdings in Garmin by 7.2% in the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock valued at $16,368,000 after acquiring an additional 5,089 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company'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 sale, the insider owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.54% of the company's stock.

Garmin Stock Up 1.0%

NYSE:GRMN opened at $249.20 on Monday. The stock's fifty day moving average is $240.92 and its two-hundred day moving average is $217.84. Garmin Ltd. has a 52 week low of $160.95 and a 52 week high of $261.69. The stock has a market capitalization of $47.97 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 2.73 and a beta of 0.98.

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 EPS for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the firm earned $1.58 earnings per share. The firm'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. On average, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on GRMN shares. Tigress Financial upped their price objective on Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a report on Tuesday, September 30th. Morgan Stanley upped their price objective on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday, September 19th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. Barclays reiterated an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Garmin presently has an average rating of "Hold" and a consensus target price of $228.75.

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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