Vident Advisory LLC Purchases 2,932 Shares of Garmin Ltd. $GRMN

Key Points

• Vident Advisory LLC increased its stake in Garmin Ltd. by 42.4% in the first quarter, owning nearly 10,000 shares valued at over $2 million.
• Garmin reported earnings per share (EPS) of $2.17 for the last quarter, surpassing estimates, with revenue up 20.4% year-over-year.
• Several research firms have adjusted their target prices for Garmin, with JPMorgan raising it to $250.00 and Morgan Stanley setting it at $186.00.

Vident Advisory LLC raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 42.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,848 shares of the scientific and technical instruments company's stock after purchasing an additional 2,932 shares during the period. Vident Advisory LLC's holdings in Garmin were worth $2,138,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after acquiring an additional 881,935 shares during the period. Congress Asset Management Co. raised its position in shares of Garmin by 673.4% in the 1st 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 acquiring an additional 384,258 shares during the period. Nuveen LLC acquired a new stake in shares of Garmin in the 1st quarter valued at approximately $78,900,000. Vanguard Group Inc. raised its position in shares of Garmin by 2.0% in the 1st 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 acquiring an additional 357,458 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Garmin in the 4th quarter valued at approximately $39,748,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 0.1%

Shares of NYSE GRMN traded down $0.31 during trading hours on Friday, hitting $237.35. The company had a trading volume of 871,909 shares, compared to its average volume of 773,058. The stock has a market capitalization of $45.69 billion, a P/E ratio of 29.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The firm's 50 day moving average is $227.62 and its 200-day moving average is $212.24.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on GRMN shares. JPMorgan Chase & Co. increased their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley increased their target price on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Finally, Barclays reissued an "underweight" rating and set a $167.00 target price (up 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 assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Garmin has an average rating of "Hold" and an average price target of $222.00.

Insider Buying and Selling

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction dated 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 directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,960 shares of company stock worth $4,376,918. Company insiders own 15.38% of the company's stock.

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.