Garmin Ltd. $GRMN Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System lifted its holdings in Garmin Ltd. (NYSE:GRMN) by 1.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,397 shares of the scientific and technical instruments company’s stock after purchasing an additional 800 shares during the period. State of Michigan Retirement System’s holdings in Garmin were worth $10,310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC grew its holdings in Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 264 shares in the last quarter. Groupe la Francaise acquired a new position in Garmin during the 1st quarter worth approximately $33,000. Wayfinding Financial LLC acquired a new position in Garmin during the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin during the 1st quarter worth approximately $38,000. Finally, SOA Wealth Advisors LLC. grew its holdings in Garmin by 27.5% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock worth $56,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction on 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 completion of the sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 15.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GRMN shares. Barclays boosted their price target on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a report on Thursday. Morgan Stanley boosted their price target on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Tigress Financial boosted their price target 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 restated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $239.50.

Garmin Trading Down 1.6%

Shares of NYSE:GRMN opened at $210.44 on Tuesday. The company has a market capitalization of $40.48 billion, a PE ratio of 25.92, a P/E/G ratio of 2.41 and a beta of 0.98. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The firm has a 50 day simple moving average of $241.87 and a 200-day simple moving average of $222.03.

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