Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Garmin Ltd. by 6.5% in Q2, bringing its total holdings to 25,547 shares, valued at approximately $5.33 million.
• Multiple investors, including Sivia Capital Partners and Czech National Bank, also increased their stakes in Garmin during the same period, reflecting strong institutional interest with hedge funds owning 81.60% of the company's stock.
• Garmin reported better-than-expected quarterly earnings of $2.17 per share, exceeding estimates by $0.27 and marking a 20.4% year-over-year revenue increase.

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,547 shares of the scientific and technical instruments company's stock after buying an additional 1,549 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Garmin were worth $5,332,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sivia Capital Partners LLC lifted its stake in Garmin by 17.0% in the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company's stock valued at $347,000 after purchasing an additional 242 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in Garmin in the second quarter worth $152,000. Czech National Bank increased its position in Garmin by 6.7% in the second quarter. Czech National Bank now owns 37,651 shares of the scientific and technical instruments company's stock worth $7,859,000 after buying an additional 2,367 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Garmin by 7.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock worth $163,000 after buying an additional 52 shares during the last quarter. Finally, Atwood & Palmer Inc. grew its stake in shares of Garmin by 0.5% during the 2nd quarter. Atwood & Palmer Inc. now owns 93,329 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 423 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GRMN shares. JPMorgan Chase & Co. increased their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley increased their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday. Finally, Barclays reiterated an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One equities research 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 data from MarketBeat, Garmin presently has a consensus rating of "Hold" and an average target price of $223.75.

Garmin Stock Performance

Shares of GRMN opened at $235.10 on Friday. The firm has a market cap of $45.25 billion, a price-to-earnings ratio of 28.99, a PEG ratio of 2.61 and a beta of 1.00. The firm has a 50 day moving average price of $232.28 and a 200-day moving average price of $212.95. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week 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 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, 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 own 15.38% of the company's stock.

About Garmin

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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