United Services Automobile Association Makes New $727,000 Investment in Garmin Ltd. $GRMN

Key Points

• United Services Automobile Association has acquired a new stake of 3,403 shares in Garmin Ltd. valued at approximately $727,000 during the first quarter.
• A number of analysts have issued mixed ratings for Garmin, with price targets ranging from $167.00 to $250.00, and a consensus rating of "Hold".
• Garmin reported a quarterly earnings per share of $2.17, exceeding expectations, with revenue rising 20.4% year-over-year, reaching $1.81 billion.

United Services Automobile Association purchased a new position in Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,403 shares of the scientific and technical instruments company's stock, valued at approximately $727,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GRMN. Groupe la Francaise acquired a new stake in Garmin in the first quarter worth $33,000. TFC Financial Management Inc. boosted its holdings in shares of Garmin by 1,633.3% during 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 during the period. Wayfinding Financial LLC bought a new position in shares of Garmin during the first quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the 1st quarter worth about $38,000. Finally, Garde Capital Inc. bought a new stake in Garmin in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Activity

In related news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction 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 $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred 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 owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,960 shares of company stock worth $4,376,918. Corporate insiders own 15.38% of the company's stock.

Garmin Trading Down 1.3%

NYSE:GRMN traded down $3.11 during midday trading on Friday, hitting $238.07. 528,634 shares of the stock were exchanged, compared to its average volume of 797,916. The company has a market capitalization of $45.83 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The business has a 50-day moving average price of $230.27 and a two-hundred day moving average price of $212.58.

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays restated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley increased their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Garmin currently has an average rating of "Hold" and an average target price of $222.00.

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.