IFP Advisors Inc Increases Stake in Garmin Ltd. $GRMN

IFP Advisors Inc boosted its stake in Garmin Ltd. (NYSE:GRMN) by 14.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,295 shares of the scientific and technical instruments company’s stock after purchasing an additional 419 shares during the period. IFP Advisors Inc’s holdings in Garmin were worth $688,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of GRMN. Brighton Jones LLC increased its stake in Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after purchasing an additional 463 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Garmin by 49.1% during the first quarter. Farther Finance Advisors LLC now owns 1,458 shares of the scientific and technical instruments company’s stock valued at $317,000 after buying an additional 480 shares during the period. GAMMA Investing LLC increased its stake in shares of Garmin by 15.8% during the first quarter. GAMMA Investing LLC now owns 4,078 shares of the scientific and technical instruments company’s stock valued at $885,000 after buying an additional 557 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Garmin by 1.7% during the first quarter. Assenagon Asset Management S.A. now owns 15,294 shares of the scientific and technical instruments company’s stock valued at $3,321,000 after buying an additional 258 shares during the period. Finally, Fifth Third Bancorp increased its stake in shares of Garmin by 6.4% during the first quarter. Fifth Third Bancorp now owns 6,864 shares of the scientific and technical instruments company’s stock valued at $1,490,000 after buying an additional 415 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 1.3%

NYSE GRMN opened at $251.35 on Tuesday. Garmin Ltd. has a twelve month low of $160.95 and a twelve month high of $261.69. The firm has a market capitalization of $48.38 billion, a PE ratio of 30.99, a P/E/G ratio of 2.72 and a beta of 0.98. The stock’s 50 day moving average is $239.42 and its 200 day moving average is $216.75.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.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 company posted $1.58 earnings per share. The firm’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, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction on Wednesday, August 27th. The stock was 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 of the company’s stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GRMN shares. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Tigress Financial boosted their target price on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. 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. Morgan Stanley boosted their target price on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. Finally, JPMorgan Chase & Co. boosted their target price on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $228.75.

About Garmin

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.