Garmin Ltd. $GRMN Stock Holdings Lifted by SW Investment Management LLC

Key Points

• SW Investment Management LLC raised its stake in Garmin Ltd. by 57.7%, acquiring an additional 75,000 shares, making Garmin its 4th largest holding.
• Garmin reported a 20.4% increase in revenue to $1.81 billion for the latest quarter, surpassing analysts' expectations.
• Several analysts have updated their price targets for Garmin, with Tigress Financial raising their target to $305.00 and Barclays adjusting theirs to $167.00.

SW Investment Management LLC raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 57.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 205,000 shares of the scientific and technical instruments company's stock after acquiring an additional 75,000 shares during the period. Garmin makes up 10.2% of SW Investment Management LLC's portfolio, making the stock its 4th largest holding. SW Investment Management LLC owned approximately 0.11% of Garmin worth $42,788,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of GRMN. AQR Capital Management LLC increased its holdings in Garmin by 79.3% in the 1st 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. Nuveen LLC bought a new stake in Garmin in the 1st quarter valued at $78,900,000. Vanguard Group Inc. increased its holdings in 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Garmin by 21.2% in 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 valued at $262,907,000 after acquiring an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new stake in Garmin in the 1st quarter valued at $40,322,000. 81.60% of the stock is currently owned by institutional investors.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated 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 of the company's stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 15.38% of the company's stock.

Garmin Trading Down 3.2%

GRMN stock opened at $248.18 on Monday. Garmin Ltd. has a 12 month low of $160.95 and a 12 month high of $261.69. The company has a 50-day moving average price of $238.90 and a 200 day moving average price of $216.49. The stock has a market cap of $47.77 billion, a PE ratio of 30.60, a P/E/G ratio of 2.72 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 net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the company earned $1.58 EPS. The firm's revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Analysts Set New Price Targets

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