Assenagon Asset Management S.A. Sells 34,571 Shares of Garmin Ltd. $GRMN

Assenagon Asset Management S.A. lessened its position in Garmin Ltd. (NYSE:GRMN) by 66.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,845 shares of the scientific and technical instruments company’s stock after selling 34,571 shares during the period. Assenagon Asset Management S.A.’s holdings in Garmin were worth $4,394,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Fulton Bank N.A. grew its holdings in shares of Garmin by 2.6% during the second quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company’s stock worth $393,000 after purchasing an additional 47 shares during the last quarter. Smith Moore & CO. boosted its position in Garmin by 4.3% during the 2nd quarter. Smith Moore & CO. now owns 1,151 shares of the scientific and technical instruments company’s stock worth $240,000 after buying an additional 47 shares during the period. Arrow Investment Advisors LLC grew its holdings in Garmin by 3.6% during the 2nd quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company’s stock worth $295,000 after acquiring an additional 49 shares during the last quarter. Curbstone Financial Management Corp grew its holdings in Garmin by 1.3% during the 2nd quarter. Curbstone Financial Management Corp now owns 3,936 shares of the scientific and technical instruments company’s stock worth $822,000 after acquiring an additional 50 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in Garmin by 7.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company’s stock valued at $163,000 after acquiring an additional 52 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Garmin

In related news, CEO Clifton A. Pemble sold 10,431 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the transaction, the chief executive officer owned 135,180 shares in the company, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GRMN shares. Morgan Stanley lifted their price target on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price on the stock in a report on Wednesday, December 3rd. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Friday. Finally, Barclays raised their price objective on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. One research 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 company’s stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus target price of $242.60.

Garmin Price Performance

Shares of NYSE:GRMN opened at $201.41 on Monday. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The business’s 50-day moving average is $212.64 and its 200-day moving average is $222.42. The company has a market capitalization of $38.74 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 2.28 and a beta of 1.01.

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

Garmin Profile

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.