Garmin Ltd. $GRMN Shares Purchased by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 10.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,176 shares of the scientific and technical instruments company’s stock after acquiring an additional 313 shares during the period. Geneos Wealth Management Inc.’s holdings in Garmin were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in GRMN. Brighton Jones LLC grew its stake in Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after acquiring an additional 463 shares during the last quarter. Focus Partners Wealth grew its stake in Garmin by 44.9% in the 4th quarter. Focus Partners Wealth now owns 4,507 shares of the scientific and technical instruments company’s stock valued at $954,000 after acquiring an additional 1,397 shares during the last quarter. Janus Henderson Group PLC grew its stake in Garmin by 15.5% in the 4th quarter. Janus Henderson Group PLC now owns 22,596 shares of the scientific and technical instruments company’s stock valued at $4,662,000 after acquiring an additional 3,032 shares during the last quarter. NorthRock Partners LLC acquired a new stake in Garmin in the 4th quarter valued at about $364,000. Finally, Nomura Holdings Inc. acquired a new stake in Garmin in the 4th quarter valued at about $1,045,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GRMN shares. Morgan Stanley increased their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. upped their target price on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Finally, Barclays restated an “underweight” rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $222.00.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. This represents a 5.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated 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 in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,960 shares of company stock worth $4,376,918 in the last three months. Company insiders own 15.38% of the company’s stock.

Garmin Price Performance

Shares of GRMN stock opened at $238.07 on Friday. The firm has a market cap of $45.83 billion, a P/E ratio of 29.36, a PEG ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The firm’s 50-day simple moving average is $230.27 and its 200-day simple moving average is $212.48.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.27. The business 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 company’s revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Analysts expect 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.