VIRGINIA RETIREMENT SYSTEMS ET Al Invests $5.43 Million in Garmin Ltd. $GRMN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Garmin Ltd. (NYSE:GRMN) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 26,000 shares of the scientific and technical instruments company’s stock, valued at approximately $5,427,000.

Several other large investors have also bought and sold shares of GRMN. Kestra Private Wealth Services LLC grew its stake in shares of Garmin by 18.7% in the first 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 acquiring an additional 1,347 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in 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 valued at $500,000 after purchasing an additional 437 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Garmin in the first quarter worth $1,649,000. Acadian Asset Management LLC lifted 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 worth $16,368,000 after buying an additional 5,089 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company’s stock worth $96,000 after buying an additional 319 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 0.1%

Garmin stock opened at $249.22 on Tuesday. Garmin Ltd. has a 52-week low of $160.95 and a 52-week high of $261.69. The company has a market cap of $47.97 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 2.73 and a beta of 0.98. The firm’s fifty day moving average is $241.32 and its 200 day moving average is $218.34.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the previous year, the business posted $1.58 earnings per share. The business’s revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 shares were 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. 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 is available at this link. 19.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on GRMN. Tigress Financial boosted their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Barclays reissued an “underweight” rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. upped their price target on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Morgan Stanley upped their price target on shares of Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus target price of $228.75.

Garmin Company 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.