Argent Capital Management LLC Has $19.53 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Argent Capital Management LLC increased its stock holdings in Garmin Ltd. by 2.4% during the second quarter, totaling 93,566 shares valued at approximately $19.53 million.
• Several other hedge funds also boosted their positions in Garmin, with institutional investors now owning 81.60% of the company's stock.
• Garmin's recent earnings report exceeded expectations, with an EPS of $2.17 compared to a consensus estimate of $1.90, indicating a year-over-year revenue increase of 20.4%.

Argent Capital Management LLC grew its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 93,566 shares of the scientific and technical instruments company's stock after buying an additional 2,234 shares during the quarter. Argent Capital Management LLC's holdings in Garmin were worth $19,529,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Fulton Bank N.A. increased its position in shares of Garmin by 2.6% during the 2nd quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company's stock worth $393,000 after purchasing an additional 47 shares in the last quarter. Arrow Investment Advisors LLC increased its position in shares of Garmin by 3.6% during the 2nd quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company's stock worth $295,000 after purchasing an additional 49 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Garmin by 7.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock worth $163,000 after purchasing an additional 52 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after purchasing an additional 59 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in shares of Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 36,092 shares of the company's stock, valued at $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GRMN shares. Barclays reiterated an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley increased their price objective on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $223.75.

Garmin Price Performance

Garmin stock opened at $236.27 on Tuesday. The business has a 50 day moving average of $232.66 and a 200-day moving average of $212.92. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The company has a market capitalization of $45.48 billion, a P/E ratio of 29.13, a P/E/G ratio of 2.58 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the firm posted $1.58 earnings per share. The firm'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. Equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

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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