M&T Bank Corp Sells 6,020 Shares of Garmin Ltd. $GRMN

M&T Bank Corp decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 23.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,963 shares of the scientific and technical instruments company’s stock after selling 6,020 shares during the period. M&T Bank Corp’s holdings in Garmin were worth $4,167,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Norges Bank bought a new position in shares of Garmin during the 2nd quarter valued at about $410,304,000. Vanguard Group Inc. lifted its position in Garmin by 6.9% in the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after buying an additional 1,273,163 shares during the last quarter. AQR Capital Management LLC boosted its stake in Garmin by 79.3% in 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 buying an additional 700,967 shares in the last quarter. Nuveen LLC purchased a new stake in Garmin in the first quarter worth approximately $78,900,000. Finally, Artisan Partners Limited Partnership grew its position in Garmin by 6.4% during the second 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 acquiring an additional 356,161 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Up 1.4%

NYSE:GRMN opened at $202.18 on Friday. The firm has a market capitalization of $38.89 billion, a P/E ratio of 24.90, a P/E/G ratio of 2.26 and a beta of 1.01. The company has a fifty day moving average of $223.13 and a 200 day moving average of $221.98. Garmin Ltd. has a 52 week low of $169.26 and a 52 week 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, meeting analysts’ consensus estimates of $1.99. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Tigress Financial lifted their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a research note on Wednesday. Barclays upped their price target on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $241.60.

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.