Asset Management One Co. Ltd. Has $5.65 Million Holdings in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Apr 30th, 2023

Asset Management One Co. Ltd. cut its stake in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,831 shares of the scientific and technical instruments company’s stock after selling 4,536 shares during the period. Asset Management One Co. Ltd.’s holdings in Garmin were worth $5,646,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GRMN. First Trust Advisors LP increased its holdings in shares of Garmin by 213.1% during the third quarter. First Trust Advisors LP now owns 2,501,507 shares of the scientific and technical instruments company’s stock worth $200,896,000 after buying an additional 1,702,480 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Garmin by 195.2% in the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock worth $117,073,000 after purchasing an additional 652,700 shares during the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Garmin by 7.7% in the third quarter. Artisan Partners Limited Partnership now owns 6,922,720 shares of the scientific and technical instruments company’s stock worth $555,964,000 after purchasing an additional 492,576 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Garmin by 2.2% in the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock worth $2,049,121,000 after purchasing an additional 365,713 shares during the last quarter. Finally, Boston Partners grew its stake in shares of Garmin by 20.4% in the third quarter. Boston Partners now owns 2,123,048 shares of the scientific and technical instruments company’s stock worth $170,526,000 after purchasing an additional 360,334 shares during the last quarter. 63.29% of the stock is currently owned by institutional investors and hedge funds.

Garmin Price Performance

GRMN stock opened at $98.17 on Friday. The stock has a market capitalization of $18.79 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 3.34 and a beta of 0.94. The company’s 50-day moving average is $97.96 and its 200-day moving average is $96.39. Garmin Ltd. has a 1 year low of $76.37 and a 1 year high of $114.39.

Garmin (NYSE:GRMN – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.21. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Garmin had a net margin of 20.03% and a return on equity of 16.41%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 EPS. On average, analysts anticipate that Garmin Ltd. will post 5.19 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In other news, EVP Patrick Desbois sold 3,991 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $98.50, for a total transaction of $393,113.50. Following the transaction, the executive vice president now owns 47,050 shares of the company’s stock, valued at approximately $4,634,425. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Sean Biddlecombe sold 867 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $98.71, for a total value of $85,581.57. Following the sale, the director now owns 6,130 shares in the company, valued at approximately $605,092.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrick Desbois sold 3,991 shares of the company’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $98.50, for a total transaction of $393,113.50. Following the completion of the sale, the executive vice president now owns 47,050 shares in the company, valued at approximately $4,634,425. The disclosure for this sale can be found here. Insiders have sold 16,610 shares of company stock valued at $1,635,921 in the last 90 days. 20.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GRMN has been the topic of several analyst reports. TheStreet raised shares of Garmin from a “c+” rating to a “b-” rating in a research note on Monday, March 13th. Morgan Stanley boosted their price objective on shares of Garmin from $91.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $108.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, February 23rd. KeyCorp assumed coverage on shares of Garmin in a research note on Tuesday, April 18th. They issued a “sector weight” rating on the stock. Finally, Barclays upped their price target on shares of Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research report on Thursday, February 23rd. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $117.80.

About Garmin

(Get Rating)

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.