Garmin Ltd. $GRMN Shares Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Garmin Ltd. by 6.6%, bringing its total shares to 17,147, valued at approximately $3.58 million.
• Insider Cheng-Wei Wang sold 10,202 shares of Garmin, reducing his ownership by 22.04% to 36,092 shares, currently valued at around $8.39 million.
• Garmin reported an EPS of $2.17 for the last quarter, exceeding estimates, with a 20.4% increase in revenue year-over-year, and set its FY 2025 guidance at $8.00 EPS.

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,147 shares of the scientific and technical instruments company's stock after buying an additional 1,062 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Garmin were worth $3,579,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Groupe la Francaise acquired a new position in shares of Garmin in the 1st quarter valued at $33,000. TFC Financial Management Inc. lifted its holdings in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Garmin during the 1st quarter worth about $34,000. Zions Bancorporation National Association UT purchased a new stake in Garmin during the 1st quarter worth about $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 36,092 shares in the company, valued at $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 is available at this link. 19.54% of the stock is owned by company insiders.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $256.08 on Wednesday. Garmin Ltd. has a 52 week low of $160.95 and a 52 week high of $259.87. The company has a market capitalization of $49.29 billion, a PE ratio of 31.58, a PEG ratio of 2.82 and a beta of 0.98. The company has a 50 day moving average price of $236.78 and a two-hundred day moving average price of $215.69.

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. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin's revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley upped their price target on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday, September 19th. Barclays reissued an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Tigress Financial raised their price target on Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, September 30th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have given 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 price target of $228.75.

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.

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