Garmin Ltd. $GRMN Shares Purchased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its stake in Garmin Ltd. by 12.1%, purchasing an additional 3,255 shares, which brought its total holdings to 30,248 shares valued at $6.31 million.
• Several institutional investors, including GAMMA Investing LLC and Congress Asset Management Co., significantly increased their positions in Garmin, reflecting strong interest in the stock with a combined ownership of 81.60%.
• Analysts have set varying price targets for Garmin, with JPMorgan raising its target to $250.00 and Morgan Stanley upping its target to $193.00, while maintaining a consensus rating of "Hold" for the stock.

State of Alaska Department of Revenue lifted its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 12.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,248 shares of the scientific and technical instruments company's stock after purchasing an additional 3,255 shares during the quarter. State of Alaska Department of Revenue's holdings in Garmin were worth $6,313,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GRMN. GAMMA Investing LLC increased 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 during the last quarter. AQR Capital Management LLC increased 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 during the last quarter. Congress Asset Management Co. increased 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 during the last quarter. Nuveen LLC purchased a new position in Garmin in the first quarter worth approximately $78,900,000. Finally, Vanguard Group Inc. grew its position in 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 worth $4,000,656,000 after acquiring an additional 357,458 shares during the period. Institutional investors and hedge funds own 81.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Morgan Stanley increased their price objective on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday, September 19th. JPMorgan Chase & Co. increased their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One 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 presently has a consensus rating of "Hold" and an average target price of $223.75.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 1,859 shares of Garmin 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 transaction, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the transaction, the insider owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company's stock.

Garmin Stock Up 1.6%

GRMN opened at $240.40 on Monday. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The business has a fifty day simple moving average of $233.87 and a 200-day simple moving average of $213.60. The firm has a market cap of $46.27 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.63 and a beta of 1.00.

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 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the business posted $1.58 earnings per share. The company's quarterly revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share 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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