Narwhal Capital Management Buys 20,751 Shares of Garmin Ltd. $GRMN

Narwhal Capital Management boosted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 196.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,297 shares of the scientific and technical instruments company’s stock after acquiring an additional 20,751 shares during the period. Narwhal Capital Management’s holdings in Garmin were worth $6,532,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupe la Francaise bought a new position in Garmin during the 1st quarter worth $33,000. TFC Financial Management Inc. increased its stake in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC bought a new position in Garmin during the 1st quarter worth $34,000. Zions Bancorporation National Association UT bought a new position in Garmin during the 1st quarter worth $38,000. Finally, Garde Capital Inc. bought a new position in Garmin during the 1st quarter worth $40,000. Institutional investors own 81.60% of the company’s stock.

Garmin Stock Up 1.4%

NYSE GRMN opened at $259.91 on Thursday. Garmin Ltd. has a twelve month low of $160.95 and a twelve month high of $260.58. The company has a market cap of $50.03 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.81 and a beta of 0.98. The business’s fifty day moving average is $237.56 and its 200 day moving average is $216.00.

Garmin (NYSE:GRMN) last released its quarterly earnings data 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 quarter last year, the business posted $1.58 EPS. Garmin’s revenue for the quarter 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, research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In related 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 transaction of $2,371,760.96. Following the sale, the insider 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 legal filing with the SEC, which is available through this hyperlink. 15.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GRMN has been the topic of several recent analyst reports. Tigress Financial lifted their price target on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Wednesday. Barclays reiterated an “underweight” rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley lifted their price target on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $228.75.

Garmin Profile

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.