Garmin Ltd. $GRMN Stake Boosted by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. increased its holdings in Garmin Ltd. by 7.0% in the second quarter, owning 76,021 shares worth approximately $15.87 million.
• Garmin recently reported quarterly earnings of $2.17 EPS, surpassing analysts' expectations of $1.90 EPS, with revenues up 20.4% compared to the same quarter last year.
• Market analysts have mixed ratings for Garmin, with an average price target of $228.75 and varied recommendations, indicating both strong buy and underweight ratings.

QRG Capital Management Inc. raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,021 shares of the scientific and technical instruments company's stock after purchasing an additional 4,960 shares during the period. QRG Capital Management Inc.'s holdings in Garmin were worth $15,867,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of GRMN. Kestra Private Wealth Services LLC raised its stake 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 worth $1,858,000 after acquiring an additional 1,347 shares during the period. Concurrent Investment Advisors LLC grew its holdings in shares of Garmin by 23.4% during 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 purchasing an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of 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 purchasing an additional 28,543 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Garmin by 7.2% in the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock worth $16,368,000 after purchasing an additional 5,089 shares during the last quarter. Finally, First Hawaiian Bank acquired a new position in Garmin during the 1st quarter valued at approximately $1,649,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

GRMN opened at $256.86 on Friday. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $258.51. The company has a market capitalization of $49.44 billion, a price-to-earnings ratio of 31.67, a price-to-earnings-growth ratio of 2.82 and a beta of 0.98. The business has a 50 day moving average price of $236.02 and a two-hundred day moving average price of $215.03.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 EPS. The company's quarterly 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 expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GRMN. JPMorgan Chase & Co. upped their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Tigress Financial increased their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Saturday, September 27th. Barclays restated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley lifted their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $228.75.

Insider Buying and Selling at Garmin

In other 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 of the company's stock, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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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