Cromwell Holdings LLC Raises Stock Holdings in Garmin Ltd. $GRMN

Cromwell Holdings LLC increased its position in Garmin Ltd. (NYSE:GRMN) by 56.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 455 shares of the scientific and technical instruments company’s stock after purchasing an additional 164 shares during the period. Cromwell Holdings LLC’s holdings in Garmin were worth $95,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after acquiring an additional 357,458 shares in the last quarter. Invesco Ltd. boosted its holdings in Garmin by 9.0% in the first quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after acquiring an additional 153,267 shares in the last quarter. AQR Capital Management LLC boosted its holdings 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 worth $340,574,000 after acquiring an additional 700,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Garmin by 21.2% in the first 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 worth $262,907,000 after acquiring an additional 211,731 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Garmin by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company’s stock worth $193,812,000 after acquiring an additional 2,768 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated 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 transaction, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.38% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $257.61 on Friday. The company has a market cap of $49.59 billion, a P/E ratio of 31.76, a PEG ratio of 2.80 and a beta of 0.98. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $258.42. The stock’s fifty day moving average price is $235.59 and its 200-day moving average price is $214.64.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The company’s quarterly revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays reissued an “underweight” rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Tigress Financial boosted their target price on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday. Morgan Stanley boosted their target price on Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. Finally, JPMorgan Chase & Co. boosted their target price on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus 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.