VIRGINIA RETIREMENT SYSTEMS ET Al Invests $5.43 Million in Garmin Ltd. $GRMN

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Garmin Ltd. (NYSE:GRMN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,000 shares of the scientific and technical instruments company’s stock, valued at approximately $5,427,000.

Other hedge funds have also recently made changes to their positions in the company. Kestra Private Wealth Services LLC grew its holdings in shares of 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 worth $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of Garmin by 23.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company’s stock worth $500,000 after purchasing an additional 437 shares during the last quarter. First Hawaiian Bank bought a new position in shares of Garmin in the first quarter worth about $1,649,000. Acadian Asset Management LLC grew its holdings in shares of Garmin by 7.2% in the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company’s stock worth $16,368,000 after purchasing an additional 5,089 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company’s stock worth $96,000 after purchasing an additional 319 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on GRMN. Barclays restated an “underweight” rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley increased their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. Tigress Financial increased their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. increased their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus price target of $228.75.

Garmin Stock Up 0.1%

Shares of Garmin stock opened at $249.22 on Tuesday. The firm’s 50 day moving average price is $241.32 and its 200-day moving average price is $218.34. Garmin Ltd. has a 52-week low of $160.95 and a 52-week high of $261.69. The company has a market cap of $47.97 billion, a P/E ratio of 30.73, a PEG ratio of 2.73 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (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 firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm earned $1.58 EPS. The company’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, equities research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the 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 completion of the transaction, the insider directly owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.54% of the stock is owned by insiders.

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.