Lecap Asset Management Ltd. Makes New Investment in Garmin Ltd. $GRMN

Lecap Asset Management Ltd. purchased a new position in shares of Garmin Ltd. (NYSE:GRMN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,555 shares of the scientific and technical instruments company’s stock, valued at approximately $1,577,000.

Several other large investors also recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. raised its position in shares of Garmin by 1.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 392,310 shares of the scientific and technical instruments company’s stock valued at $81,883,000 after purchasing an additional 6,529 shares during the period. SOA Wealth Advisors LLC. grew its stake in Garmin by 27.5% during the second quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock worth $56,000 after buying an additional 58 shares in the last quarter. V Square Quantitative Management LLC grew its stake in Garmin by 94.5% during the second quarter. V Square Quantitative Management LLC now owns 3,758 shares of the scientific and technical instruments company’s stock worth $784,000 after buying an additional 1,826 shares in the last quarter. City Holding Co. boosted its stake in shares of Garmin by 12.1% in the 2nd quarter. City Holding Co. now owns 8,665 shares of the scientific and technical instruments company’s stock valued at $1,809,000 after purchasing an additional 934 shares in the last quarter. Finally, First American Bank boosted its stake in shares of Garmin by 5.6% in the 2nd quarter. First American Bank now owns 14,212 shares of the scientific and technical instruments company’s stock valued at $2,966,000 after purchasing an additional 749 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on GRMN. Tigress Financial raised their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Morgan Stanley lifted their price objective on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. Finally, Barclays restated an “underweight” rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Garmin has an average rating of “Hold” and an average target price of $228.75.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 15.38% of the stock is owned by insiders.

Garmin Trading Up 3.5%

GRMN stock opened at $254.88 on Thursday. The company’s 50 day moving average is $235.08 and its 200 day moving average is $214.33. The stock has a market cap of $49.06 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 2.70 and a beta of 0.98. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $255.62.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Profile

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.