MBB Public Markets I LLC Makes New Investment in Garmin Ltd. $GRMN

Key Points

• MBB Public Markets I LLC has made a new investment in Garmin Ltd. by purchasing 1,526 shares, valued at approximately $331,000.
• Institutional investors now own 81.60% of Garmin's stock, with Vanguard Group Inc. increasing its holdings by 2.0% in the first quarter.
• Recent analyst ratings show a mixed outlook for Garmin, with target price changes and ratings ranging from "underweight" to "strong buy" amid current share performance.

MBB Public Markets I LLC acquired a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,526 shares of the scientific and technical instruments company's stock, valued at approximately $331,000.

A number of other hedge funds also recently made changes to their positions in GRMN. Brighton Jones LLC increased its position in shares of Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares in the last quarter. Cetera Investment Advisers grew its stake in Garmin by 28.7% during the fourth quarter. Cetera Investment Advisers now owns 27,575 shares of the scientific and technical instruments company's stock worth $5,688,000 after buying an additional 6,145 shares during the last quarter. CoreCap Advisors LLC grew its stake in Garmin by 7.4% during the fourth quarter. CoreCap Advisors LLC now owns 2,545 shares of the scientific and technical instruments company's stock worth $525,000 after buying an additional 175 shares during the last quarter. Deutsche Bank AG grew its stake in Garmin by 5.3% during the fourth quarter. Deutsche Bank AG now owns 506,675 shares of the scientific and technical instruments company's stock worth $104,507,000 after buying an additional 25,640 shares during the last quarter. Finally, Fiduciary Trust Co bought a new stake in Garmin during the fourth quarter worth about $202,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin 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 transaction, the insider owned 36,092 shares of the company's stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,960 shares of company stock valued at $4,376,918 in the last 90 days. 15.38% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Barclays reaffirmed an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $222.00.

Garmin Price Performance

Shares of NYSE GRMN traded down $3.11 during mid-day trading on Friday, hitting $238.07. The company's stock had a trading volume of 528,634 shares, compared to its average volume of 797,916. The stock has a market cap of $45.83 billion, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The company's fifty day simple moving average is $230.27 and its 200-day simple moving average is $212.58.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company'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 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 EPS for the current 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.