Public Employees Retirement System of Ohio Acquires 3,581 Shares of Garmin Ltd. $GRMN

Key Points

• The Public Employees Retirement System of Ohio has increased its holdings in Garmin Ltd. by 6.1%, acquiring an additional 3,581 shares to total 62,603 shares valued at approximately $13.07 million.
• Garmin reported impressive quarterly results with an EPS of $2.17, surpassing analyst estimates of $1.90, and revenue of $1.81 billion, a 20.4% increase year-over-year.
• Analyst ratings for Garmin are mixed, with target price upgrades from JPMorgan and Barclays, indicating a consensus rating of "Hold" and a price target of $223.75.

Public Employees Retirement System of Ohio grew its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 62,603 shares of the scientific and technical instruments company's stock after buying an additional 3,581 shares during the period. Public Employees Retirement System of Ohio's holdings in Garmin were worth $13,066,000 as of its most recent filing with the SEC.

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

Garmin Trading Up 1.6%

NYSE GRMN opened at $240.40 on Friday. The firm has a market capitalization of $46.27 billion, a P/E ratio of 29.64, a PEG ratio of 2.59 and a beta of 1.00. The business has a fifty day simple moving average of $233.87 and a 200 day simple moving average of $213.58. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, sell-side analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley increased their target price on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday, September 19th. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of "Hold" and a consensus price target of $223.75.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was 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 $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.38% of the company's stock.

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.

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