Kingswood Wealth Advisors LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,618 shares of the scientific and technical instruments company’s stock, valued at approximately $273,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Spire Wealth Management bought a new stake in Garmin in the 1st quarter valued at $28,000. Clear Street Markets LLC boosted its stake in Garmin by 107.1% in the 1st quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock valued at $32,000 after purchasing an additional 166 shares during the period. Ameritas Advisory Services LLC bought a new stake in Garmin in the 1st quarter valued at $48,000. Industrial Alliance Investment Management Inc. bought a new stake in Garmin in the 4th quarter valued at $53,000. Finally, Resurgent Financial Advisors LLC bought a new stake in Garmin in the 4th quarter valued at $54,000. 63.26% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Garmin news, insider Cheng-Wei Wang sold 4,794 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $105.62, for a total value of $506,342.28. Following the completion of the transaction, the insider now owns 44,808 shares of the company’s stock, valued at approximately $4,732,620.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 19.89% of the company’s stock.
Garmin Stock Performance
Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. Garmin had a return on equity of 16.00% and a net margin of 20.60%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the firm earned $1.24 EPS. Garmin’s revenue was up 12.0% on a year-over-year basis. On average, research analysts forecast that Garmin Ltd. will post 5.28 earnings per share for the current year.
Analyst Upgrades and Downgrades
GRMN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on Garmin from $118.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, November 2nd. StockNews.com initiated coverage on Garmin in a research report on Thursday, October 5th. They set a “hold” rating for the company. Bank of America upped their target price on Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, August 8th. Barclays upped their target price on Garmin from $113.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Tigress Financial reiterated a “strong-buy” rating and set a $165.00 target price on shares of Garmin in a research report on Thursday, August 10th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and an average price target of $127.80.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.
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