Sumitomo Mitsui Trust Group Inc. Has $85.51 Million Stock Holdings in Garmin Ltd. $GRMN

Sumitomo Mitsui Trust Group Inc. trimmed its position in Garmin Ltd. (NYSE:GRMN) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 409,670 shares of the scientific and technical instruments company’s stock after selling 50,546 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Garmin worth $85,506,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC increased its stake in Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after purchasing an additional 700,967 shares in the last quarter. Nuveen LLC bought a new stake in Garmin during the 1st quarter worth approximately $78,900,000. Vanguard Group Inc. increased its stake in Garmin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after purchasing an additional 357,458 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock worth $262,907,000 after purchasing an additional 211,731 shares in the last quarter. Finally, Clark Capital Management Group Inc. bought a new stake in Garmin during the 1st quarter worth approximately $40,322,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the transaction, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Garmin Trading Up 0.0%

Shares of GRMN opened at $250.28 on Monday. The company has a market cap of $48.18 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 2.74 and a beta of 0.98. Garmin Ltd. has a 1-year low of $161.97 and a 1-year high of $261.69. The company’s fifty day simple moving average is $242.57 and its 200 day simple moving average is $220.30.

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

Garmin Company 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.