Apollon Wealth Management LLC Boosts Stake in Garmin Ltd. $GRMN

Key Points

• Apollon Wealth Management LLC increased its stake in Garmin Ltd. by 5.4%, owning a total of 20,666 shares worth approximately $4.3 million.
• Garmin reported a 20.4% increase in revenue year-over-year, achieving $2.17 EPS, surpassing analyst expectations of $1.90.
• Analyst ratings for Garmin are mixed, with a consensus rating of "Hold" and price targets ranging from $167 to $305.

Apollon Wealth Management LLC lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 5.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,666 shares of the scientific and technical instruments company's stock after acquiring an additional 1,054 shares during the quarter. Apollon Wealth Management LLC's holdings in Garmin were worth $4,313,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Groupe la Francaise purchased a new stake in shares of Garmin during the 1st quarter worth about $33,000. TFC Financial Management Inc. raised its position in shares of Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Garmin during the 1st quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin during the 1st quarter worth about $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin during the 1st quarter worth about $40,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on GRMN shares. JPMorgan Chase & Co. upped their price target 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. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Wednesday. Barclays restated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley upped their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday, September 19th. Finally, Tigress Financial increased their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a report on Tuesday, September 30th. One equities 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 stock. According to MarketBeat, Garmin currently has a consensus rating of "Hold" and a consensus price target of $228.75.

Garmin Trading Down 3.2%

GRMN stock opened at $248.18 on Friday. The company has a market cap of $47.77 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.72 and a beta of 0.98. Garmin Ltd. has a 12 month low of $160.95 and a 12 month high of $261.69. The firm has a 50-day moving average of $238.90 and a two-hundred day moving average of $216.49.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business's revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 Securities & Exchange Commission, which is available at this hyperlink. 15.38% of the stock is owned by corporate insiders.

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.

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