Strong Tower Advisory Services Grows Stock Position in Garmin Ltd. $GRMN

Strong Tower Advisory Services lifted its stake in Garmin Ltd. (NYSE:GRMN) by 0.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,895 shares of the scientific and technical instruments company’s stock after buying an additional 142 shares during the period. Strong Tower Advisory Services’ holdings in Garmin were worth $3,526,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Baskin Financial Services Inc. increased its holdings in shares of Garmin by 0.8% in the second quarter. Baskin Financial Services Inc. now owns 151,155 shares of the scientific and technical instruments company’s stock worth $31,549,000 after buying an additional 1,264 shares during the period. IFP Advisors Inc increased its holdings in shares of Garmin by 14.6% in the second quarter. IFP Advisors Inc now owns 3,295 shares of the scientific and technical instruments company’s stock worth $688,000 after buying an additional 419 shares during the period. Callan Family Office LLC purchased a new position in shares of Garmin in the second quarter worth about $360,000. Blair William & Co. IL increased its holdings in shares of Garmin by 4.1% in the second quarter. Blair William & Co. IL now owns 4,573 shares of the scientific and technical instruments company’s stock worth $955,000 after buying an additional 178 shares during the period. Finally, GFG Capital LLC purchased a new position in shares of Garmin in the second quarter worth about $67,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Garmin stock opened at $248.18 on Friday. The stock’s 50 day simple moving average is $238.90 and its two-hundred day simple moving average is $216.49. The stock has a market cap of $47.77 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 2.81 and a beta of 0.98. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $261.69.

Garmin (NYSE:GRMN) last posted its quarterly earnings data 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 business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business’s revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction that occurred on 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 sale, the insider directly 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 available through the SEC website. Insiders own 15.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GRMN. Barclays restated an “underweight” rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley boosted 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. Tigress Financial boosted their price target on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. boosted their price target on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday. One 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $228.75.

About Garmin

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.