Sumitomo Mitsui DS Asset Management Company Ltd Purchases 1,825 Shares of Garmin Ltd. $GRMN

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Garmin Ltd. (NYSE:GRMN) by 7.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 24,792 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,825 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Garmin were worth $7,111,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Caldwell Trust Co raised its position in Garmin by 4.4% in the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock valued at $237,000 after buying an additional 43 shares during the last quarter. Green Alpha Advisors LLC boosted its position in Garmin by 0.7% during the 3rd quarter. Green Alpha Advisors LLC now owns 6,324 shares of the scientific and technical instruments company’s stock worth $1,814,000 after acquiring an additional 43 shares during the last quarter. HHM Wealth Advisors LLC boosted its position in Garmin by 6.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock worth $162,000 after acquiring an additional 45 shares during the last quarter. Fulton Bank N.A. grew its stake in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock worth $388,000 after acquiring an additional 47 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its stake in shares of Garmin by 0.8% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 6,240 shares of the scientific and technical instruments company’s stock worth $1,790,000 after acquiring an additional 49 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 986 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $292.88, for a total value of $288,779.68. Following the completion of the sale, the director directly owned 6,021 shares of the company’s stock, valued at $1,763,430.48. This trade represents a 14.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Joshua H. Maxfield sold 1,152 shares of Garmin stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the transaction, the vice president owned 15,042 shares of the company’s stock, valued at $4,379,177.46. This represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,108 shares of company stock worth $4,808,799 in the last three months. 14.80% of the stock is owned by corporate insiders.

Key Stories Impacting Garmin

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Garmin introduced the premium Edge 1060 cycling computer with hands-free voice controls for workout data, navigation and messaging. The launch expands Garmin’s higher-end cycling ecosystem and could support product demand. New Garmin Edge 1060 cycling computer gives cyclists hands-free voice control
• Positive Sentiment: The company also unveiled the Edge Explore 3 and Edge Explore 3 Plus cycling computers, adding maps, ride data, alerts and onboard audio features aimed at recreational cyclists. Garmin Edge Explore 3 cycling computers
• Positive Sentiment: Garmin launched the Tacx N?ra indoor smart trainer, featuring multidirectional movement and power and cadence accuracy within 1%. The product broadens Garmin’s connected fitness offerings and strengthens its position in indoor cycling. Garmin unveils Tacx N?ra
• Neutral Sentiment: Garmin is scheduled to report quarterly earnings on Wednesday. Analysts are looking for approximately $2.73 in quarterly EPS and $10.08 for the full year, making the report a near-term volatility catalyst. Garmin set to release quarterly earnings
• Neutral Sentiment: A comparison with Daktronics characterized Garmin as a value-investing candidate, but the analysis does not represent a new earnings or guidance change. Zacks Research maintains a Hold rating, with full-year EPS projected at $10.08. DAKT or GRMN value comparison
• Negative Sentiment: Exchange-traded funds were reported as net sellers of Garmin on October 16, creating modest technical or flow-related pressure despite the stock’s broader upward momentum. ETFs are net sellers of Garmin

Garmin Trading Up 0.4%

NYSE GRMN opened at $291.38 on Thursday. The firm has a market capitalization of $56.19 billion, a P/E ratio of 30.04, a price-to-earnings-growth ratio of 3.25 and a beta of 0.82. The firm’s fifty day moving average price is $284.53 and its two-hundred day moving average price is $262.59. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $314.28.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.51. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The company’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.17 EPS. On average, research analysts anticipate that Garmin Ltd. will post 10.08 EPS for the current fiscal year.

Analysts Set New Price Targets

GRMN has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Friday, September 4th. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. KeyCorp restated a “sector weight” rating on shares of Garmin in a report on Wednesday, September 2nd. Arete Research assumed coverage on shares of Garmin in a research report on Wednesday, October 14th. They issued a “buy” rating and a $335.00 target price for the company. Finally, UBS Group set a $370.00 target price on shares of Garmin in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of “Moderate Buy” and an average price target of $313.71.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.