Wellington Management Group LLP Acquires 1,105 Shares of Garmin Ltd. $GRMN

Key Points

• Wellington Management Group LLP increased its holdings in Garmin Ltd. by 6.0%, owning 19,386 shares valued at approximately $4.21 million after acquiring an additional 1,105 shares in the first quarter.
• Other institutional investors also significantly boosted their stakes, with GAMMA Investing LLC increasing its ownership by 25,047.9% and Congress Asset Management Co. by 673.4%.
• Garmin's stock recently saw a 0.4% increase, with an earnings report showing $2.17 EPS that surpassed expectations, alongside a 20.4% revenue growth compared to the same quarter last year.

Wellington Management Group LLP lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 6.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,386 shares of the scientific and technical instruments company's stock after acquiring an additional 1,105 shares during the quarter. Wellington Management Group LLP's holdings in Garmin were worth $4,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GRMN. Brighton Jones LLC grew its position in shares of Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after buying an additional 463 shares during the period. Schonfeld Strategic Advisors LLC boosted its stake in Garmin by 390.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 38,930 shares of the scientific and technical instruments company's stock valued at $8,030,000 after acquiring an additional 30,988 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Garmin by 164.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 398,145 shares of the scientific and technical instruments company's stock worth $82,121,000 after acquiring an additional 247,726 shares during the period. Wahed Invest LLC increased its holdings in Garmin by 5.6% in the fourth quarter. Wahed Invest LLC now owns 3,972 shares of the scientific and technical instruments company's stock valued at $819,000 after purchasing an additional 212 shares during the last quarter. Finally, AXA S.A. boosted its stake in Garmin by 41.3% during the 4th quarter. AXA S.A. now owns 111,182 shares of the scientific and technical instruments company's stock worth $22,932,000 after acquiring an additional 32,495 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Up 0.8%

Shares of GRMN stock traded up $1.99 during trading on Wednesday, reaching $236.28. 433,449 shares of the company's stock were exchanged, compared to its average volume of 935,217. The firm's fifty day moving average price is $225.72 and its 200-day moving average price is $211.74. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The stock has a market capitalization of $45.48 billion, a PE ratio of 29.15, a PEG ratio of 2.66 and a beta of 1.00.

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

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were 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 approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,960 shares of company stock valued at $4,376,918 in the last ninety days. 19.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Garmin 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.