Nordea Investment Management AB Boosts Stock Holdings in Garmin Ltd. $GRMN

Nordea Investment Management AB lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 47.8% during the second quarter, Holdings Channel reports. The fund owned 78,525 shares of the scientific and technical instruments company’s stock after acquiring an additional 25,410 shares during the period. Nordea Investment Management AB’s holdings in Garmin were worth $16,266,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Groupe la Francaise purchased a new stake in shares of Garmin during the first quarter worth $33,000. TFC Financial Management Inc. increased its holdings in Garmin by 1,633.3% in 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 buying an additional 147 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT purchased a new position in Garmin in the first quarter valued at $38,000. Finally, Garde Capital Inc. purchased a new position in Garmin in the first quarter valued at $40,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated 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 sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 19.54% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Morgan Stanley increased their target price on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a report on Friday, September 19th. Barclays reissued an “underweight” rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $228.75.

Garmin Price Performance

NYSE GRMN opened at $249.20 on Monday. Garmin Ltd. has a 1 year low of $160.95 and a 1 year high of $261.69. The company has a market capitalization of $47.97 billion, a PE ratio of 30.73, a P/E/G ratio of 2.73 and a beta of 0.98. The company has a fifty day moving average of $240.92 and a two-hundred day moving average of $217.84.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm earned $1.58 earnings per share. The business’s quarterly 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. On average, research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current 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.