Tower View Wealth Management LLC Has $4.55 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Tower View Wealth Management LLC increased its holdings in Garmin Ltd. by 13.0% in Q2, owning 21,803 shares worth approximately $4.55 million.
• Garmin's quarterly earnings beat expectations with $2.17 earnings per share on revenue of $1.81 billion, reflecting a 20.4% year-over-year revenue growth.
• Wall Street analysts have mixed ratings on Garmin, with price targets ranging from $167.00 to $305.00, and a consensus rating of "Hold".

Tower View Wealth Management LLC increased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 13.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,803 shares of the scientific and technical instruments company's stock after purchasing an additional 2,510 shares during the quarter. Garmin makes up 2.4% of Tower View Wealth Management LLC's portfolio, making the stock its 18th biggest position. Tower View Wealth Management LLC's holdings in Garmin were worth $4,551,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in GRMN. Groupe la Francaise acquired a new stake in shares of Garmin during the 1st quarter worth approximately $33,000. TFC Financial Management Inc. grew its holdings in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Garmin during the 1st quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the 1st quarter valued at $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin in the 1st quarter valued at $40,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted 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. Barclays reaffirmed an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Tigress Financial increased their price target on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price objective on shares of 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 Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average price target of $228.75.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 15.38% of the company's stock.

Garmin Stock Performance

NYSE GRMN opened at $257.61 on Friday. The business has a 50 day simple moving average of $235.59 and a 200 day simple moving average of $214.64. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $258.42. The stock has a market cap of $49.59 billion, a price-to-earnings ratio of 31.76, a PEG ratio of 2.80 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating analysts' consensus estimates 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 business's revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

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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