BankPlus Trust Department Has $1.54 Million Stock Position in Garmin Ltd. $GRMN

BankPlus Trust Department increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 7.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,391 shares of the scientific and technical instruments company’s stock after purchasing an additional 544 shares during the quarter. BankPlus Trust Department’s holdings in Garmin were worth $1,543,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Groupe la Francaise bought a new position in shares of Garmin in the first quarter worth about $33,000. TFC Financial Management Inc. raised its stake in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC bought a new position in shares of Garmin in the first quarter worth about $34,000. Zions Bancorporation National Association UT bought a new position in shares of Garmin in the first quarter worth about $38,000. Finally, Garde Capital Inc. bought a new position in shares of Garmin in the first quarter worth about $40,000. 81.60% of the stock is owned by institutional investors.

Garmin Price Performance

Garmin stock opened at $256.08 on Wednesday. The company’s 50 day simple moving average is $236.78 and its 200 day simple moving average is $215.69. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $259.87. The firm has a market capitalization of $49.29 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 2.82 and a beta of 0.98.

Garmin (NYSE:GRMN) last released 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. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned $1.58 EPS. Garmin’s quarterly revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, analysts predict that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insiders Place Their Bets

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 value of $2,371,760.96. Following the transaction, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Morgan Stanley lifted their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a research report on Friday, September 19th. Barclays reiterated an “underweight” rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Tigress Financial lifted their price target 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. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $228.75.

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.