Garmin Ltd. $GRMN Shares Sold by Thrivent Financial for Lutherans

by · The Markets Daily

Thrivent Financial for Lutherans cut its holdings in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 9.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 668,778 shares of the scientific and technical instruments company’s stock after selling 73,041 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Garmin were worth $139,587,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of Garmin in the second quarter worth $410,304,000. Vanguard Group Inc. lifted its position in Garmin by 6.9% during the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after purchasing an additional 1,273,163 shares during the period. AQR Capital Management LLC boosted its holdings in Garmin by 79.3% in the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock valued at $340,574,000 after purchasing an additional 700,967 shares during the last quarter. Amundi grew its position in Garmin by 138.0% during the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock worth $247,255,000 after purchasing an additional 671,859 shares during the period. Finally, Artisan Partners Limited Partnership raised its stake in shares of Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after buying an additional 356,161 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent research reports. Tigress Financial upped their target price on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, September 30th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a report on Wednesday, December 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Morgan Stanley lifted their target price on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Finally, Barclays boosted their target price on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $241.60.

Get Our Latest Research Report on GRMN

Garmin Price Performance

Shares of NYSE:GRMN opened at $208.34 on Friday. The business’s 50 day moving average price is $217.81 and its 200-day moving average price is $222.26. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The firm has a market capitalization of $40.07 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.36 and a beta of 1.01.

Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.99. The company 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%. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

About Garmin

(Free Report)

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.

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