Garmin Ltd. $GRMN Shares Purchased by Waterfront Wealth Inc.

Waterfront Wealth Inc. increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 5.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 5,764 shares of the scientific and technical instruments company’s stock after acquiring an additional 305 shares during the period. Waterfront Wealth Inc.’s holdings in Garmin were worth $1,203,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quaker Wealth Management LLC raised its holdings in shares of Garmin by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 264 shares during the last quarter. Groupe la Francaise acquired a new position in shares of Garmin in the first quarter worth $33,000. Wayfinding Financial LLC acquired a new position in shares of Garmin in the first quarter worth $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the first quarter worth $38,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Garmin in the first quarter worth $43,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays reaffirmed an “underweight” rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Morgan Stanley lifted their price objective on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research report on Friday, September 19th. Tigress Financial lifted 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, JPMorgan Chase & Co. boosted 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. One equities research analyst has rated the stock with a Strong Buy rating, one has issued 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, Garmin presently has a consensus rating of “Hold” and an average target price of $228.75.

Insider Buying and Selling

In other Garmin 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 of the company’s stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Performance

Shares of GRMN opened at $248.24 on Wednesday. The stock has a 50-day moving average price of $243.24 and a 200 day moving average price of $221.14. The company has a market capitalization of $47.78 billion, a P/E ratio of 30.61, a P/E/G ratio of 2.75 and a beta of 0.98. Garmin Ltd. has a one year low of $164.01 and a one year high of $261.69.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. As a group, equities research analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal 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.