Allworth Financial LP Purchases 360 Shares of Garmin Ltd. $GRMN

Allworth Financial LP grew its position in shares of Garmin Ltd. (NYSE:GRMN) by 27.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,682 shares of the scientific and technical instruments company’s stock after purchasing an additional 360 shares during the quarter. Allworth Financial LP’s holdings in Garmin were worth $351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its position 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 period. Kestra Private Wealth Services LLC increased its holdings in 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 purchasing an additional 1,347 shares during the period. OneAscent Financial Services LLC increased its holdings in Garmin by 11.8% in the first quarter. OneAscent Financial Services LLC now owns 1,959 shares of the scientific and technical instruments company’s stock valued at $426,000 after purchasing an additional 206 shares during the period. Atlantic Union Bankshares Corp raised its position in Garmin by 3.3% during the 1st quarter. Atlantic Union Bankshares Corp now owns 42,696 shares of the scientific and technical instruments company’s stock worth $9,271,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Garmin by 3.0% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 11,807 shares of the scientific and technical instruments company’s stock worth $2,563,000 after buying an additional 344 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GRMN. Barclays raised 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 restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley lifted their target price on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and an average target price of $239.50.

Garmin Trading Down 0.6%

GRMN opened at $193.86 on Monday. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69. The company has a market cap of $37.29 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.41 and a beta of 1.01. The company’s fifty day moving average price is $235.20 and its two-hundred day moving average price is $222.41.

Garmin (NYSE:GRMN) last posted its earnings results 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 analyst estimates of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.38% of the stock is owned by insiders.

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.