Truist Financial Corp Has $3.60 Million Position in Garmin Ltd. $GRMN

Key Points

• Truist Financial Corp reduced its stake in Garmin Ltd. by 21.5% in Q2, holding 17,244 shares valued at approximately $3.60 million after selling 4,717 shares.
• Several institutional investors, including Vanguard Group and AQR Capital Management, have recently increased their stakes in Garmin, indicating growing institutional interest.
• Analysts have varied price targets for Garmin's stock, with consensus estimates suggesting an average target of $228.75 and ratings ranging from "Strong Buy" to "Sell".

Truist Financial Corp decreased its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 21.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,244 shares of the scientific and technical instruments company's stock after selling 4,717 shares during the quarter. Truist Financial Corp's holdings in Garmin were worth $3,599,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GRMN. Vanguard Group Inc. increased its holdings in shares of Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock valued at $4,000,656,000 after purchasing an additional 357,458 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Garmin by 9.0% during the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company's stock worth $404,329,000 after purchasing an additional 153,267 shares in the last quarter. AQR Capital Management LLC grew its stake in Garmin by 79.3% during the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock worth $340,574,000 after buying an additional 700,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Garmin by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock valued at $262,907,000 after purchasing an additional 211,731 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Garmin by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company's stock valued at $193,812,000 after buying an additional 2,768 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated 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 transaction, the insider owned 36,092 shares of the company's stock, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 15.38% of the stock is owned by insiders.

Analysts Set New Price Targets

GRMN has been the topic of a number of research analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Wednesday. Barclays reissued an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Tigress Financial lifted their price target on Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley lifted their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $228.75.

Garmin Trading Up 1.4%

NYSE GRMN opened at $259.91 on Thursday. The business has a fifty day simple moving average of $237.56 and a 200 day simple moving average of $216.00. The firm has a market capitalization of $50.03 billion, a P/E ratio of 32.05, a PEG ratio of 2.81 and a beta of 0.98. Garmin Ltd. has a 12 month low of $160.95 and a 12 month high of $260.58.

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 the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm posted $1.58 EPS. The business's revenue was up 20.4% compared to the same quarter last year. 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.

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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