Garmin Ltd. $GRMN Shares Acquired by Renasant Bank

Renasant Bank boosted its stake in Garmin Ltd. (NYSE:GRMN) by 25.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,765 shares of the scientific and technical instruments company’s stock after acquiring an additional 353 shares during the period. Renasant Bank’s holdings in Garmin were worth $368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC grew its stake in shares of Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares during the last quarter. Groupe la Francaise purchased a new position in Garmin in the 1st quarter valued at $33,000. Zions Bancorporation National Association UT purchased a new position in Garmin in the 1st quarter valued at $38,000. SOA Wealth Advisors LLC. increased its stake in Garmin by 27.5% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock valued at $56,000 after buying an additional 58 shares during the period. Finally, Harbour Investments Inc. raised its position in Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company’s stock worth $58,000 after buying an additional 64 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GRMN has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Morgan Stanley lifted their price objective on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 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 research report on Tuesday, September 30th. JPMorgan Chase & Co. raised their price target on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Finally, Barclays lifted their price target on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. One research 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 stock. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average price target of $239.50.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the 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 of the company’s stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 19.54% of the stock is owned by corporate insiders.

Garmin Trading Down 1.4%

NYSE GRMN opened at $199.85 on Wednesday. The business’s 50-day moving average price is $237.69 and its 200 day moving average price is $222.44. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The company has a market capitalization of $38.44 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, hitting the consensus estimate of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the firm posted $1.99 EPS. The company’s revenue was up 11.7% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Equities analysts predict that Garmin Ltd. will post 7.8 EPS 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.