Garmin Ltd. $GRMN Stock Position Lowered by TD Asset Management Inc

Key Points

• TD Asset Management Inc has reduced its stake in Garmin Ltd. by 3.1%, bringing its ownership to approximately 114,285 shares valued at $23.85 million.
• Garmin exceeded analyst expectations in its latest earnings report, posting $2.17 earnings per share on revenue of $1.81 billion, a 20.4% increase from the same quarter last year.
• Institutional investors own 81.60% of Garmin stock, signaling significant investor interest, with varied price targets from analysts ranging up to $305.00.

TD Asset Management Inc trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 3.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 114,285 shares of the scientific and technical instruments company's stock after selling 3,604 shares during the period. TD Asset Management Inc owned 0.06% of Garmin worth $23,854,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC boosted its position in shares of Garmin by 18.7% in the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after buying an additional 1,347 shares during the period. Concurrent Investment Advisors LLC lifted its stake in Garmin by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after acquiring an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares during the period. First Hawaiian Bank purchased a new position in Garmin during the 1st quarter valued at about $1,649,000. Finally, Acadian Asset Management LLC grew its stake in Garmin by 7.2% during the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock valued at $16,368,000 after acquiring an additional 5,089 shares in the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Up 1.0%

GRMN opened at $249.20 on Friday. Garmin Ltd. has a 12-month low of $160.95 and a 12-month high of $261.69. The firm has a market capitalization of $47.97 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 2.70 and a beta of 0.98. The stock's 50 day moving average price is $240.92 and its two-hundred day moving average price is $217.62.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating 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 company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $1.58 earnings per share. Garmin'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. As a group, analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of research analyst reports. Tigress Financial increased their price target on shares of Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, September 30th. Barclays reiterated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research 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. increased their price objective on 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 Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday, September 19th. One 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $228.75.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company's 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 owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 15.38% of the company's stock.

Garmin 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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