Inspire Investing LLC Raises Holdings in Garmin Ltd. $GRMN

Inspire Investing LLC increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 65.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,556 shares of the scientific and technical instruments company’s stock after purchasing an additional 6,128 shares during the quarter. Inspire Investing LLC’s holdings in Garmin were worth $3,247,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of GRMN. Kestra Private Wealth Services LLC raised its stake in shares of Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company’s stock worth $1,858,000 after buying an additional 1,347 shares during the period. Concurrent Investment Advisors LLC grew its holdings in shares of Garmin by 23.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company’s stock worth $500,000 after buying an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Garmin by 46.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company’s stock valued at $19,480,000 after purchasing an additional 28,543 shares during the period. Acadian Asset Management LLC grew its holdings in shares of Garmin by 7.2% in the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company’s stock valued at $16,368,000 after purchasing an additional 5,089 shares during the period. Finally, First Hawaiian Bank purchased a new stake in shares of Garmin in the first quarter valued at about $1,649,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the sale, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on GRMN shares. Barclays reaffirmed an “underweight” rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Tigress Financial increased their price target on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Finally, Morgan Stanley raised 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. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $228.75.

Garmin Stock Performance

Shares of NYSE GRMN opened at $248.18 on Friday. The firm has a market capitalization of $47.77 billion, a P/E ratio of 30.60, a PEG ratio of 2.81 and a beta of 0.98. Garmin Ltd. has a one year low of $160.95 and a one year high of $261.69. The company’s fifty day moving average is $238.90 and its two-hundred day moving average is $216.49.

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