MTM Investment Management LLC Buys Shares of 480 Garmin Ltd. $GRMN

MTM Investment Management LLC purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 480 shares of the scientific and technical instruments company’s stock, valued at approximately $100,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kestra Private Wealth Services LLC boosted its position in shares of Garmin by 18.7% in 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 purchasing an additional 1,347 shares in the last quarter. Andra AP fonden lifted its holdings in shares of Garmin by 87.2% during the second quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after purchasing an additional 31,200 shares during the period. First Horizon Advisors Inc. boosted its position in Garmin by 4.2% in the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock valued at $25,370,000 after buying an additional 4,943 shares during the last quarter. EFG Asset Management North America Corp. increased its holdings in Garmin by 35.1% in the 2nd quarter. EFG Asset Management North America Corp. now owns 13,008 shares of the scientific and technical instruments company’s stock worth $2,714,000 after buying an additional 3,383 shares during the period. Finally, Atlantic Union Bankshares Corp increased its holdings in Garmin by 5.5% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock worth $9,400,000 after buying an additional 2,340 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

GRMN opened at $193.86 on Monday. The company has a fifty day moving average of $235.20 and a two-hundred day moving average of $222.41. The stock has a market capitalization of $37.29 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.41 and a beta of 1.01. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, meeting analysts’ consensus estimates of $1.99. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The company’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period last year, the firm earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, equities research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analyst Weigh In

GRMN has been the topic of several recent research reports. Barclays upped their price objective on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Morgan Stanley increased their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Finally, Tigress Financial boosted their price objective on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $239.50.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 15.38% of the stock is currently owned by insiders.

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.