Garmin Ltd. $GRMN Shares Bought by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS AM increased its stake in Garmin Ltd. by 21.2%, owning 1,210,827 shares worth approximately $262.9 million at the end of the first quarter.
• Garmin's earnings per share for the last quarter exceeded expectations at $2.17, up from $1.58 the previous year, alongside a 20.4% increase in revenue to $1.81 billion.
• Analysts have set varied price targets for Garmin, with Barclays at $167, JPMorgan at $250, and Morgan Stanley at $186, indicating mixed outlooks on the stock's future performance.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 21.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,210,827 shares of the scientific and technical instruments company's stock after acquiring an additional 211,731 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.63% of Garmin worth $262,907,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Principal Street Partners LLC lifted its holdings in Garmin by 1.8% during the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company's stock worth $660,000 after buying an additional 58 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in Garmin by 2.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock valued at $489,000 after purchasing an additional 59 shares during the last quarter. Harbour Investments Inc. raised its holdings in Garmin by 31.8% during the first quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after purchasing an additional 64 shares in the last quarter. Moody National Bank Trust Division lifted its position in shares of Garmin by 2.4% during the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock worth $655,000 after buying an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC boosted its holdings in shares of Garmin by 5.1% in the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock valued at $325,000 after buying an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Trading Down 1.3%

Shares of GRMN traded down $3.11 during mid-day trading on Friday, hitting $238.07. The company's stock had a trading volume of 528,634 shares, compared to its average volume of 797,916. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The firm has a market capitalization of $45.83 billion, a P/E ratio of 29.36, a P/E/G ratio of 2.65 and a beta of 1.00. The firm has a 50-day simple moving average of $230.27 and a 200 day simple moving average of $212.48.

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 analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the company posted $1.58 EPS. The business's revenue for the quarter was up 20.4% on a year-over-year basis. 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 Upgrades and Downgrades

Several research firms have issued reports on GRMN. Morgan Stanley upped their price objective 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. JPMorgan Chase & Co. boosted their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays restated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note 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 company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $222.00.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin 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 transaction, the insider directly owned 36,092 shares of the company's stock, 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 link. 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 completion of the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,960 shares of company stock valued at $4,376,918 in the last ninety days. Corporate 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.