M&G PLC Has $55.29 Million Holdings in Garmin Ltd. $GRMN

M&G PLC increased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 53.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 264,555 shares of the scientific and technical instruments company’s stock after acquiring an additional 92,647 shares during the period. M&G PLC’s holdings in Garmin were worth $55,292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC raised its position in Garmin by 18.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company’s stock worth $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Andra AP fonden lifted its position in Garmin by 87.2% during the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock valued at $13,984,000 after purchasing an additional 31,200 shares during the period. First Horizon Advisors Inc. grew its position in shares of Garmin by 4.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after buying an additional 4,943 shares during the period. EFG Asset Management North America Corp. boosted its stake in Garmin by 35.1% in the second quarter. EFG Asset Management North America Corp. now owns 13,008 shares of the scientific and technical instruments company’s stock valued at $2,714,000 after acquiring an additional 3,383 shares during the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in Garmin by 5.5% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock worth $9,400,000 after acquiring an additional 2,340 shares during the period. Institutional investors own 81.60% of the company’s stock.

Garmin Trading Down 1.4%

Shares of Garmin stock opened at $199.85 on Wednesday. The company has a market cap of $38.44 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. The company has a 50 day moving average of $237.69 and a 200-day moving average of $222.44. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the prior year, the company earned $1.99 EPS. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analyst Ratings Changes

GRMN has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial increased their price target on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. Finally, Barclays boosted their price objective on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average price target of $239.50.

Insider Activity

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 19.54% 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.