Geneos Wealth Management Inc. Buys 359 Shares of Garmin Ltd. (NYSE:GRMN)

Posted by on Apr 16th, 2023

Geneos Wealth Management Inc. increased its stake in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 13.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,082 shares of the scientific and technical instruments company’s stock after buying an additional 359 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Garmin were worth $284,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First Trust Advisors LP increased its holdings in Garmin by 213.1% during the 3rd quarter. First Trust Advisors LP now owns 2,501,507 shares of the scientific and technical instruments company’s stock valued at $200,896,000 after purchasing an additional 1,702,480 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Garmin by 195.2% during the 1st quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock valued at $117,073,000 after purchasing an additional 652,700 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Garmin by 7.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 6,922,720 shares of the scientific and technical instruments company’s stock valued at $555,964,000 after purchasing an additional 492,576 shares in the last quarter. Vanguard Group Inc. increased its holdings in Garmin by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after purchasing an additional 365,713 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Garmin by 20.4% in the 3rd quarter. Boston Partners now owns 2,123,048 shares of the scientific and technical instruments company’s stock valued at $170,526,000 after buying an additional 360,334 shares during the period. Institutional investors own 63.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GRMN shares. Barclays lifted their target price on Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. JPMorgan Chase & Co. lifted their target price on Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, February 23rd. Tigress Financial reissued a “strong-buy” rating and issued a $165.00 target price on shares of Garmin in a research note on Friday, March 3rd. Morgan Stanley lifted their target price on Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Finally, StockNews.com started coverage on Garmin in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $123.17.

Insiders Place Their Bets

In other Garmin news, Director Sean Biddlecombe sold 867 shares of Garmin stock in a transaction dated Friday, February 24th. The stock was sold at an average price of $98.71, for a total transaction of $85,581.57. Following the transaction, the director now directly owns 6,130 shares in the company, valued at $605,092.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 7,216 shares of Garmin stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $98.54, for a total transaction of $711,064.64. Following the transaction, the chief executive officer now directly owns 120,460 shares in the company, valued at $11,870,128.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Sean Biddlecombe sold 867 shares of the business’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $98.71, for a total value of $85,581.57. Following the completion of the sale, the director now owns 6,130 shares in the company, valued at $605,092.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,610 shares of company stock worth $1,635,921. Corporate insiders own 20.34% of the company’s stock.

Garmin Stock Down 0.6 %

Shares of Garmin stock opened at $98.86 on Friday. Garmin Ltd. has a 12 month low of $76.37 and a 12 month high of $117.20. The business has a fifty day simple moving average of $97.72 and a 200 day simple moving average of $95.64. The stock has a market cap of $18.92 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 3.30 and a beta of 0.94.

Garmin (NYSE:GRMN – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.21. Garmin had a return on equity of 16.41% and a net margin of 20.03%. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the firm earned $1.55 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year. Analysts expect that Garmin Ltd. will post 5.15 EPS for the current fiscal year.

Garmin Profile

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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