Garmin Ltd. $GRMN Shares Acquired by Kestra Investment Management LLC

Key Points

• Kestra Investment Management LLC increased its stake in Garmin Ltd. by 116.8%, purchasing an additional 5,560 shares, bringing their total holdings to 10,319 shares, valued at approximately $2.24 million.
• Several large investors have also raised their positions in Garmin, including Vanguard Group, which now owns approximately 18.4 million shares worth $4 billion, reflecting increased institutional interest in the company.
• Garmin posted impressive quarterly earnings, reporting $1.81 billion in revenue and earnings per share of $2.17, exceeding analysts' expectations and showing a 20.4% increase in revenue year-over-year.

Kestra Investment Management LLC raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 116.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,319 shares of the scientific and technical instruments company's stock after acquiring an additional 5,560 shares during the quarter. Kestra Investment Management LLC's holdings in Garmin were worth $2,241,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in Garmin by 25,047.9% during the first quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock worth $192,259,000 after buying an additional 881,935 shares in the last quarter. AQR Capital Management LLC raised its position 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 worth $340,574,000 after acquiring an additional 700,967 shares during the period. Congress Asset Management Co. boosted its stake in shares of Garmin by 673.4% during the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock worth $95,823,000 after acquiring an additional 384,258 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Garmin during the 1st quarter valued at about $78,900,000. Finally, Vanguard Group Inc. grew its position in shares of Garmin by 2.0% during 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. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction that occurred on 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 sale, the insider directly 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 19,960 shares of company stock worth $4,376,918 in the last quarter. Company insiders own 15.38% of the company's stock.

Analysts Set New Price Targets

GRMN has been the topic of a number of recent analyst reports. Barclays reiterated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley upped 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, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Down 0.9%

GRMN traded down $2.23 during trading on Wednesday, reaching $236.27. The company's stock had a trading volume of 852,954 shares, compared to its average volume of 790,793. The company has a market cap of $45.48 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 2.62 and a beta of 1.00. The firm has a fifty day simple moving average of $229.24 and a two-hundred day simple moving average of $212.37. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

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.