Waterfront Wealth Inc. Raises Stake in Garmin Ltd. $GRMN

Waterfront Wealth Inc. lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 5.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,764 shares of the scientific and technical instruments company’s stock after purchasing an additional 305 shares during the quarter. Waterfront Wealth Inc.’s holdings in Garmin were worth $1,203,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quaker Wealth Management LLC grew its holdings in shares of Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 264 shares during the period. Groupe la Francaise purchased a new position in shares of Garmin during the 1st quarter worth $33,000. Wayfinding Financial LLC acquired a new position in Garmin during the 1st quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin during the 1st quarter worth about $38,000. Finally, Olde Wealth Management LLC acquired a new position in Garmin during the 1st quarter worth about $43,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Trading Down 1.3%

Shares of GRMN stock opened at $248.24 on Wednesday. The business’s 50 day moving average is $243.24 and its two-hundred day moving average is $221.14. Garmin Ltd. has a twelve month low of $164.01 and a twelve month high of $261.69. The company has a market capitalization of $47.78 billion, a P/E ratio of 30.61, a price-to-earnings-growth ratio of 2.75 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted $1.58 EPS. The company’s revenue was up 20.4% on a year-over-year basis. As a group, equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on GRMN. JPMorgan Chase & Co. increased their target price on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research report on Friday, September 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial raised their target price on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. Finally, Barclays reissued an “underweight” rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One research 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 assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $228.75.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.54% of the stock is owned by corporate 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.