Empowered Funds LLC Has $9.57 Million Holdings in Garmin Ltd. $GRMN

Key Points

• Empowered Funds LLC significantly increased its position in Garmin Ltd. by 135.7%, acquiring an additional 25,366 shares, bringing its total to 44,065 shares valued at approximately $9.57 million.
• Garmin reported strong quarterly earnings, exceeding analysts' estimates with $2.17 EPS and revenue of $1.81 billion, a year-over-year increase of 20.4%.
• Institutional investors control 81.60% of Garmin's stock, with significant increases from various funds, including Vanguard Group and AQR Capital Management.

Empowered Funds LLC boosted its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 135.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,065 shares of the scientific and technical instruments company's stock after purchasing an additional 25,366 shares during the period. Empowered Funds LLC's holdings in Garmin were worth $9,568,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC grew its position in Garmin by 18.7% during the first 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 in the last quarter. Concurrent Investment Advisors LLC lifted its stake in Garmin by 23.4% in 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 acquiring an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Garmin by 46.7% in the first 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 in the last quarter. Golden State Wealth Management LLC grew its position in 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 acquiring an additional 319 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Garmin by 12.9% in the first 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 in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Down 1.3%

NYSE:GRMN traded down $3.11 during trading hours on Friday, hitting $238.07. 528,634 shares of the company traded hands, compared to its average volume of 797,916. The stock has a market capitalization of $45.83 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The firm has a 50-day moving average of $230.27 and a 200 day moving average of $212.58.

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 earnings per share (EPS) 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 company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the company posted $1.58 EPS. The business's revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on GRMN shares. 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. 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 note on Thursday, July 17th. Finally, Barclays restated an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Garmin currently has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Activity

In other Garmin news, CEO Clifton A. Pemble sold 7,899 shares of the firm'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 completion of the sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of the firm'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 owned 36,092 shares of the company's stock, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,960 shares of company stock worth $4,376,918. 15.38% of the stock is currently owned by corporate insiders.

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.