Narwhal Capital Management Purchases 20,751 Shares of Garmin Ltd. $GRMN

Narwhal Capital Management increased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 196.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,297 shares of the scientific and technical instruments company's stock after buying an additional 20,751 shares during the quarter. Narwhal Capital Management's holdings in Garmin were worth $6,532,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GRMN. Kestra Private Wealth Services LLC boosted 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 during the last quarter. Concurrent Investment Advisors LLC boosted its position in 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 boosted its position in Garmin by 46.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after purchasing an additional 28,543 shares during the last quarter. Acadian Asset Management LLC boosted its position in Garmin by 7.2% during the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock valued at $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 first quarter valued at approximately $1,649,000. 81.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Garmin Stock Up 1.4%

GRMN opened at $259.91 on Thursday. The stock has a market cap of $50.03 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.81 and a beta of 0.98. Garmin Ltd. has a 12-month low of $160.95 and a 12-month high of $260.58. The business has a 50 day moving average of $237.56 and a 200-day moving average of $216.00.

Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the transaction, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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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