Garmin Ltd. $GRMN Shares Bought by Baskin Financial Services Inc.

Key Points

• Baskin Financial Services Inc. increased its stake in Garmin Ltd. by 0.8%, now holding approximately 151,155 shares, which amounts to about 2.4% of its investment portfolio.
• Garmin reported $2.17 earnings per share (EPS) for its latest quarterly earnings, outperforming estimates and showing a revenue increase of 20.4% compared to the previous year.
• Institutional investors own about 81.60% of Garmin's stock, reflecting a strong interest from large financial entities in the company.

Baskin Financial Services Inc. raised its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 0.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 151,155 shares of the scientific and technical instruments company's stock after purchasing an additional 1,264 shares during the quarter. Garmin comprises approximately 2.4% of Baskin Financial Services Inc.'s investment portfolio, making the stock its 22nd biggest holding. Baskin Financial Services Inc. owned 0.08% of Garmin worth $31,549,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Groupe la Francaise acquired a new stake in shares of Garmin in the first quarter valued at approximately $33,000. TFC Financial Management Inc. increased its stake in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new stake in shares of Garmin in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Performance

Garmin stock opened at $256.60 on Friday. The firm has a market cap of $49.39 billion, a price-to-earnings ratio of 31.64, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. Garmin Ltd. has a 1 year low of $160.95 and a 1 year high of $261.69. The firm's 50 day moving average price is $238.31 and its two-hundred day moving average price is $216.29.

Garmin (NYSE:GRMN - Get Free Report) last posted 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 the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion for 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 quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Tigress Financial raised their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Tuesday, September 30th. Barclays reiterated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley raised their price objective on shares of Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday, September 19th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $228.75.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred 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 transaction, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 15.38% of the company's stock.

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.

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