Forum Financial Management LP Grows Position in Garmin Ltd. $GRMN

Forum Financial Management LP increased its position in Garmin Ltd. (NYSE:GRMN) by 14.2% in the second quarter, HoldingsChannel reports. The firm owned 2,489 shares of the scientific and technical instruments company’s stock after purchasing an additional 309 shares during the quarter. Forum Financial Management LP’s holdings in Garmin were worth $520,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GRMN. Brighton Jones LLC lifted its stake in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after purchasing an additional 463 shares during the period. GAMMA Investing LLC increased its position in Garmin by 15.8% during the 1st quarter. GAMMA Investing LLC now owns 4,078 shares of the scientific and technical instruments company’s stock valued at $885,000 after buying an additional 557 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Garmin during the 1st quarter valued at approximately $1,383,000. Asset Management One Co. Ltd. increased its position in Garmin by 11.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 68,646 shares of the scientific and technical instruments company’s stock valued at $14,905,000 after buying an additional 7,062 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its position in Garmin by 255.2% during the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company’s stock valued at $96,000 after buying an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GRMN. Tigress Financial raised their price objective on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Barclays reissued an “underweight” rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley lifted 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. lifted 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 Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $228.75.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 36,092 shares in the company, 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 SEC, which is available at this link. 15.38% of the stock is currently owned by company insiders.

Garmin Price Performance

GRMN stock opened at $250.28 on Friday. The company has a market cap of $48.18 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 2.74 and a beta of 0.98. Garmin Ltd. has a 1 year low of $161.97 and a 1 year high of $261.69. The stock’s fifty day moving average price is $242.57 and its 200-day moving average price is $219.78.

Garmin (NYSE:GRMN) last released its quarterly earnings results 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. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the business posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

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.