Meridian Wealth Management LLC Boosts Stake in Garmin Ltd. $GRMN

Meridian Wealth Management LLC grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 39.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,103 shares of the scientific and technical instruments company’s stock after buying an additional 593 shares during the quarter. Meridian Wealth Management LLC’s holdings in Garmin were worth $439,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Kestra Private Wealth Services LLC boosted its position in shares of Garmin by 18.7% in 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 acquiring an additional 1,347 shares during the period. Andra AP fonden lifted its stake in Garmin by 87.2% in the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after purchasing an additional 31,200 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Garmin by 4.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock valued at $25,370,000 after purchasing an additional 4,943 shares during the period. EFG Asset Management North America Corp. boosted its holdings in Garmin by 35.1% in the 2nd quarter. EFG Asset Management North America Corp. now owns 13,008 shares of the scientific and technical instruments company’s stock valued at $2,714,000 after purchasing an additional 3,383 shares during the period. Finally, Atlantic Union Bankshares Corp grew its position in shares of Garmin by 5.5% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock valued at $9,400,000 after purchasing an additional 2,340 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Garmin Stock Down 2.3%

Shares of GRMN stock opened at $189.73 on Tuesday. The business has a 50-day moving average price of $234.20 and a two-hundred day moving average price of $222.43. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69. The firm has a market cap of $36.49 billion, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.99. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.Garmin’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the transaction, the insider directly owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 15.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GRMN shares. Barclays increased their price objective on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Morgan Stanley lifted their price target on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. One equities 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $239.50.

Garmin Company 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.