Czech National Bank Acquires 2,367 Shares of Garmin Ltd. $GRMN

Key Points

• The Czech National Bank increased its stake in Garmin Ltd. by 6.7% during the 2nd quarter, bringing its total holdings to approximately $7.86 million.
• Garmin reported earnings of $2.17 EPS, exceeding analysts' expectations of $1.90, alongside a revenue of $1.81 billion during the same quarter.
• Research firms have varied opinions on Garmin, with JPMorgan Chase lifting its price target to $250 while maintaining a "neutral" rating, illustrating differing views among analysts.

Czech National Bank raised its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 6.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 37,651 shares of the scientific and technical instruments company's stock after buying an additional 2,367 shares during the period. Czech National Bank's holdings in Garmin were worth $7,859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings 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 buying an additional 357,458 shares during the last quarter. Invesco Ltd. lifted its stake in Garmin by 9.0% in the first quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company's stock valued at $404,329,000 after acquiring an additional 153,267 shares during the last quarter. AQR Capital Management LLC lifted its stake in 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 acquiring an additional 700,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock worth $262,907,000 after purchasing an additional 211,731 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Garmin by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock valued at $206,074,000 after purchasing an additional 135,135 shares during the period. 81.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on GRMN shares. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Barclays reissued an "underweight" rating and set a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Morgan Stanley raised their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $223.75.

Garmin Stock Down 0.9%

Shares of NYSE:GRMN traded down $2.15 during trading on Friday, reaching $235.10. 2,865,588 shares of the company traded hands, compared to its average volume of 818,830. The company's 50 day moving average is $232.28 and its two-hundred day moving average is $212.95. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The firm has a market capitalization of $45.25 billion, a PE ratio of 28.99, a PEG ratio of 2.61 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $1.58 EPS. The firm'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. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm'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 value of $2,371,760.96. Following the completion of the transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by company insiders.

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.