First Horizon Corp Buys New Position in Garmin Ltd. $GRMN

First Horizon Corp bought a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 31,818 shares of the scientific and technical instruments company’s stock, valued at approximately $7,834,000.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Andra AP fonden boosted its position in shares of 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 worth $13,984,000 after purchasing an additional 31,200 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings 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 acquiring an additional 4,943 shares in the last quarter. EFG Asset Management Americas Corp. boosted its holdings in Garmin by 34.1% in the second 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 acquiring an additional 2,659 shares in the last quarter. Vanguard Group Inc. grew its stake in Garmin by 6.9% in the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after acquiring an additional 1,273,163 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Garmin by 4.9% during the second quarter. Nomura Asset Management Co. Ltd. now owns 50,681 shares of the scientific and technical instruments company’s stock valued at $10,578,000 after acquiring an additional 2,375 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Garmin stock opened at $212.33 on Monday. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The firm’s 50-day simple moving average is $201.61 and its 200 day simple moving average is $222.67. The stock has a market cap of $40.84 billion, a PE ratio of 26.15, a price-to-earnings-growth ratio of 2.24 and a beta of 1.00.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, meeting the consensus estimate of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the business posted $1.99 EPS. The company’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. As a group, analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Patrick Desbois sold 3,678 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the completion of the sale, the chief operating officer directly owned 61,798 shares of the company’s stock, valued at $13,002,299.20. This trade represents a 5.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total value of $2,151,185.13. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 16,594 shares of company stock worth $3,437,592. 19.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GRMN shares. Barclays increased their target price on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Morgan Stanley lifted their price objective on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research report on Friday, December 19th. Finally, Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a report on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $242.60.

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.