PDT Partners LLC Acquires Shares of 1,901 Garmin Ltd. $GRMN

Key Points

• PDT Partners LLC acquired 1,901 shares of Garmin Ltd., valued at approximately $413,000, during the first quarter of the fiscal year.
• Garmin reported $1.81 billion in revenue for the last quarter, exceeding expectations and showing a 20.4% increase year-over-year.
• Multiple hedge funds, including Royal Bank of Canada and Nomura Holdings Inc., significantly increased their stakes in Garmin during the same period, highlighting strong institutional interest in the stock.

PDT Partners LLC purchased a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,901 shares of the scientific and technical instruments company's stock, valued at approximately $413,000.

Several other institutional investors have also recently added to or reduced their stakes in GRMN. Groupe la Francaise acquired a new stake in Garmin in the first quarter valued at $33,000. TFC Financial Management Inc. raised its holdings in Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new stake in Garmin in the first quarter valued at $38,000. Finally, Garde Capital Inc. acquired a new stake in Garmin in the first quarter valued at $40,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the company'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 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 represents a 5.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,960 shares of company stock worth $4,376,918 in the last 90 days. Corporate insiders own 19.54% of the company's stock.

Garmin Trading Down 0.2%

GRMN traded down $0.48 on Wednesday, reaching $238.02. The company had a trading volume of 110,408 shares, compared to its average volume of 930,727. The company has a fifty day moving average of $228.79 and a 200-day moving average of $212.20. The company has a market capitalization of $45.82 billion, a P/E ratio of 29.35, a PEG ratio of 2.63 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The firm had revenue of $1.81 billion during 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%. Garmin's revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Wall Street Analyst Weigh In

GRMN has been the topic of several recent analyst reports. Barclays reaffirmed an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price 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. Finally, Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. 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 Company 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.