Optimize Financial Inc Buys 237 Shares of Garmin Ltd. $GRMN

Optimize Financial Inc boosted its stake in Garmin Ltd. (NYSE:GRMN) by 8.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,179 shares of the scientific and technical instruments company’s stock after purchasing an additional 237 shares during the period. Optimize Financial Inc’s holdings in Garmin were worth $690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Woodline Partners LP lifted its stake in Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after purchasing an additional 3,757 shares during the last quarter. Empowered Funds LLC lifted its stake in Garmin by 135.7% in the 1st quarter. Empowered Funds LLC now owns 44,065 shares of the scientific and technical instruments company’s stock valued at $9,568,000 after purchasing an additional 25,366 shares during the last quarter. MBB Public Markets I LLC bought a new position in shares of Garmin during the first quarter valued at $331,000. United Services Automobile Association bought a new position in shares of Garmin during the first quarter valued at $727,000. Finally, Fred Alger Management LLC raised its stake in shares of Garmin by 3.1% during the first quarter. Fred Alger Management LLC now owns 23,054 shares of the scientific and technical instruments company’s stock valued at $5,006,000 after acquiring an additional 699 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Barclays reaffirmed an “underweight” rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley raised their price target on shares of Garmin from $172.00 to $186.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $222.00.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the firm’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the sale, the chief executive officer owned 141,626 shares of the company’s stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Up 0.9%

Shares of NYSE GRMN opened at $239.57 on Tuesday. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The firm has a fifty day simple moving average of $228.24 and a 200 day simple moving average of $212.02. The company has a market capitalization of $46.12 billion, a PE ratio of 29.54, a P/E/G ratio of 2.61 and a beta of 1.00.

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, topping analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm earned $1.58 earnings per share. Garmin’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. As a group, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Company 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.