Swedbank AB Increases Stock Holdings in Garmin Ltd. $GRMN

Swedbank AB raised its holdings in Garmin Ltd. (NYSE:GRMN) by 34.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 123,852 shares of the scientific and technical instruments company’s stock after buying an additional 32,015 shares during the quarter. Swedbank AB owned about 0.06% of Garmin worth $30,495,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRMN. Vanguard Group Inc. increased its holdings in shares of Garmin by 6.9% during the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after acquiring an additional 1,273,163 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after purchasing an additional 356,161 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Garmin by 1.3% in the second quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock worth $958,405,000 after buying an additional 59,321 shares during the last quarter. Norges Bank purchased a new position in Garmin in the 2nd quarter worth $410,304,000. Finally, AQR Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 700,967 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Up 0.9%

NYSE:GRMN opened at $205.00 on Friday. The stock’s fifty day moving average is $209.08 and its two-hundred day moving average is $222.15. Garmin Ltd. has a 52 week low of $169.26 and a 52 week high of $261.69. The stock has a market capitalization of $39.43 billion, a price-to-earnings ratio of 25.25, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting the consensus estimate of $1.99. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.Garmin’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on GRMN. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Morgan Stanley raised their price objective on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Finally, Barclays raised their target price on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $242.60.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total value of $512,556.10. Following the sale, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at $27,878,171.40. This trade represents a 7.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 15.38% of the company’s stock.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.