Edgestream Partners L.P. Acquires Shares of 22,493 Garmin Ltd. $GRMN

Edgestream Partners L.P. bought a new position in Garmin Ltd. (NYSE:GRMN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 22,493 shares of the scientific and technical instruments company’s stock, valued at approximately $4,695,000.

Other large investors have also recently made changes to their positions in the company. Andra AP fonden increased its position in shares of Garmin by 87.2% during the second quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after acquiring an additional 31,200 shares during the period. First Horizon Advisors Inc. grew its stake in Garmin by 4.2% in the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after purchasing an additional 4,943 shares in the last quarter. EFG Asset Management Americas Corp. increased its holdings in Garmin by 34.1% during the 2nd quarter. EFG Asset Management Americas Corp. now owns 10,455 shares of the scientific and technical instruments company’s stock worth $2,182,000 after purchasing an additional 2,659 shares during the period. Vanguard Group Inc. increased its holdings in Garmin by 6.9% during 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 purchasing an additional 1,273,163 shares during the period. Finally, Jefferies Financial Group Inc. raised its position in Garmin by 121.2% during the 2nd quarter. Jefferies Financial Group Inc. now owns 37,699 shares of the scientific and technical instruments company’s stock valued at $7,869,000 after purchasing an additional 20,659 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays increased their price target on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 30th. Morgan Stanley raised their target price on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One research 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 given a Sell rating to the company. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and an average price target of $239.50.

Garmin Price Performance

GRMN opened at $197.32 on Wednesday. The firm has a market capitalization of $37.95 billion, a PE ratio of 24.30, a price-to-earnings-growth ratio of 2.23 and a beta of 1.01. The business’s 50-day moving average is $224.55 and its two-hundred day moving average is $222.28. 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 results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the business earned $1.99 EPS. The company’s 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. As a group, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

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.