Wealthfront Advisers LLC Grows Stock Holdings in Garmin Ltd. $GRMN

Wealthfront Advisers LLC raised its holdings in Garmin Ltd. (NYSE:GRMN) by 1.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 33,278 shares of the scientific and technical instruments company’s stock after acquiring an additional 493 shares during the period. Wealthfront Advisers LLC’s holdings in Garmin were worth $6,946,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. AQR Capital Management LLC increased its stake in Garmin by 79.3% in the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock valued at $340,574,000 after purchasing an additional 700,967 shares during the last quarter. Nuveen LLC purchased a new stake in Garmin in the 1st quarter valued at about $78,900,000. Vanguard Group Inc. grew its holdings in Garmin by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock valued at $4,000,656,000 after buying an additional 357,458 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock valued at $262,907,000 after acquiring an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. purchased a new position in shares of Garmin during the 1st quarter worth about $40,322,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

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 stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 15.38% of the stock is currently owned by company insiders.

Garmin Stock Up 0.4%

NYSE GRMN opened at $251.57 on Tuesday. Garmin Ltd. has a fifty-two week low of $163.11 and a fifty-two week high of $261.69. The business has a 50 day moving average price of $242.95 and a two-hundred day moving average price of $220.71. The stock has a market cap of $48.43 billion, a PE ratio of 31.02, a P/E/G ratio of 2.74 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.68 billion. During the same period in the previous year, the company posted $1.58 earnings per share. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

GRMN has been the subject of several research analyst reports. Barclays reaffirmed 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 boosted 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. 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. Finally, Morgan Stanley upped their price target on Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a research note on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $228.75.

About Garmin

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.