Panagora Asset Management Inc. Grows Position in Garmin Ltd. $GRMN

Key Points

• Panagora Asset Management Inc. boosted its holdings in Garmin Ltd. by 144.9% in Q1, owning approximately 0.10% of the company valued at $41.7 million after acquiring 113,657 additional shares.
• Other institutional investors, including Vanguard and Invesco, also increased their stakes, with 81.60% of Garmin's stock currently owned by institutional investors and hedge funds.
• Garmin reported a 20.4% year-over-year increase in quarterly revenue, reaching $1.81 billion, and earnings per share of $2.17, surpassing estimates and suggesting strong financial performance.

Panagora Asset Management Inc. lifted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 144.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 192,077 shares of the scientific and technical instruments company's stock after buying an additional 113,657 shares during the quarter. Panagora Asset Management Inc. owned about 0.10% of Garmin worth $41,706,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Groupe la Francaise acquired a new stake in shares of Garmin during the 1st quarter valued at about $33,000. TFC Financial Management Inc. grew its position in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC bought a new stake in Garmin during the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT bought a new stake in Garmin during the 1st quarter worth approximately $38,000. Finally, Garde Capital Inc. acquired a new position in Garmin during the 1st quarter worth $40,000. 81.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays restated an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley boosted their target price on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted 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 given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $222.00.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction 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 sale, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. 19.54% of the stock is currently owned by company insiders.

Garmin Trading Up 1.1%

Shares of Garmin stock traded up $2.57 during trading on Wednesday, hitting $236.86. 889,724 shares of the stock were exchanged, compared to its average volume of 938,176. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The stock has a market capitalization of $45.59 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 2.66 and a beta of 1.00. The company has a fifty day moving average price of $226.39 and a 200-day moving average price of $211.91.

Garmin (NYSE:GRMN - Get Free Report) last posted its 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 company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities research 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.