Turtle Creek Wealth Advisors LLC Acquires 2,580 Shares of Garmin Ltd. $GRMN

Key Points

• Turtle Creek Wealth Advisors LLC has increased its holdings in Garmin Ltd. by 10.5% during the second quarter, now owning 27,188 shares valued at $5,675,000.
• Significant interest from other institutional investors was noted, with SW Investment Management LLC increasing its shareholdings by 57.7% to own 205,000 shares worth approximately $42.8 million.
• Garmin's recent earnings report showed a 20.4% increase in revenue year-over-year, with an earnings per share of $2.17, surpassing analyst expectations.

Turtle Creek Wealth Advisors LLC grew its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 10.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,188 shares of the scientific and technical instruments company's stock after purchasing an additional 2,580 shares during the period. Turtle Creek Wealth Advisors LLC's holdings in Garmin were worth $5,675,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Sagespring Wealth Partners LLC increased its holdings in shares of Garmin by 7.5% in the 2nd quarter. Sagespring Wealth Partners LLC now owns 1,198 shares of the scientific and technical instruments company's stock worth $250,000 after purchasing an additional 84 shares in the last quarter. Moran Wealth Management LLC increased its holdings in shares of Garmin by 35.8% in the 2nd quarter. Moran Wealth Management LLC now owns 178,135 shares of the scientific and technical instruments company's stock worth $37,180,000 after purchasing an additional 47,002 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Garmin by 75.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,020 shares of the scientific and technical instruments company's stock worth $1,256,000 after purchasing an additional 2,589 shares in the last quarter. SW Investment Management LLC increased its holdings in shares of Garmin by 57.7% in the 2nd quarter. SW Investment Management LLC now owns 205,000 shares of the scientific and technical instruments company's stock worth $42,788,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Garmin by 1.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,193 shares of the scientific and technical instruments company's stock worth $5,467,000 after purchasing an additional 304 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on GRMN shares. Barclays reissued an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Tigress Financial raised their price target on Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, September 30th. JPMorgan Chase & Co. raised their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research note on Wednesday, October 8th. Finally, Morgan Stanley raised their price target on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $228.75.

Garmin Stock Performance

NYSE GRMN opened at $249.51 on Thursday. The company has a market capitalization of $48.03 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 2.73 and a beta of 0.98. The business's fifty day moving average is $240.23 and its 200 day moving average is $217.20. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $261.69.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts forecast 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.

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.