Allstate Corp Makes New $1.44 Million Investment in Garmin Ltd. $GRMN

Allstate Corp acquired a new stake in Garmin Ltd. (NYSE:GRMN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,833 shares of the scientific and technical instruments company’s stock, valued at approximately $1,436,000.

Several other large investors have also made changes to their positions in GRMN. Quaker Wealth Management LLC increased its holdings in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 264 shares in the last quarter. Richardson Financial Services Inc. lifted its holdings in Garmin by 62.2% during the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 51 shares in the last quarter. Tradewinds Capital Management LLC acquired a new stake in shares of Garmin in the third quarter valued at about $44,000. SJS Investment Consulting Inc. increased its stake in shares of Garmin by 1,530.8% during the third quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock worth $52,000 after purchasing an additional 199 shares in the last quarter. Finally, Mascoma Wealth Management LLC acquired a new position in shares of Garmin during the 3rd quarter worth about $54,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Garmin news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 2,485 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total value of $512,556.10. Following the completion of the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This trade represents a 7.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 16,594 shares of company stock valued at $3,437,592. 19.54% of the stock is currently owned by company insiders.

Garmin Trading Down 5.2%

Shares of GRMN stock opened at $200.76 on Wednesday. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The company’s 50-day moving average price is $202.51 and its 200-day moving average price is $222.66. The stock has a market cap of $38.61 billion, a price-to-earnings ratio of 24.72, a PEG ratio of 2.24 and a beta of 1.00.

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 the consensus estimate of $1.99. The firm had revenue of $1.77 billion during 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%. Garmin’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the business earned $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Wall Street Analyst Weigh In

GRMN has been the topic of several research analyst reports. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective on the stock in a report on Wednesday, December 3rd. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Morgan Stanley boosted their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Barclays upgraded Garmin from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $208.00 to $217.00 in a report on Friday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Garmin presently has a consensus rating of “Moderate Buy” and an average target price of $244.40.

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.