CTC Alternative Strategies Ltd. acquired a new stake in Garmin Ltd. (NYSE:GRMN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 1,300 shares of the scientific and technical instruments company's stock, valued at approximately $282,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Kestra Private Wealth Services LLC lifted its stake in shares of Garmin by 18.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock valued at $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in Garmin by 23.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after acquiring an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Garmin by 255.2% during the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock worth $96,000 after acquiring an additional 319 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in Garmin by 12.9% during the 1st quarter. Federated Hermes Inc. now owns 675 shares of the scientific and technical instruments company's stock worth $147,000 after acquiring an additional 77 shares during the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price 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. Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, Barclays reissued 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. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $222.00.
Get Our Latest Analysis on GRMN
Insider Activity at Garmin
In related news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction dated 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 directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,960 shares of company stock valued at $4,376,918 over the last quarter. 15.38% of the stock is owned by company insiders.
Garmin Stock Performance
Shares of GRMN traded down $3.11 during trading hours on Friday, reaching $238.07. 528,634 shares of the company traded hands, compared to its average volume of 797,916. The stock's fifty day moving average is $230.27 and its 200 day moving average is $212.48. The stock has a market cap of $45.83 billion, a P/E ratio of 29.36, a price-to-earnings-growth ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50.
Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.
About Garmin
(
Free Report)
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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