Garmin Ltd. $GRMN Holdings Boosted by Baskin Financial Services Inc.

Baskin Financial Services Inc. boosted its position in shares of Garmin Ltd. (NYSE:GRMN) by 0.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 151,155 shares of the scientific and technical instruments company’s stock after buying an additional 1,264 shares during the quarter. Garmin accounts for 2.4% of Baskin Financial Services Inc.’s investment portfolio, making the stock its 22nd biggest holding. Baskin Financial Services Inc.’s holdings in Garmin were worth $31,549,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GRMN. Groupe la Francaise purchased a new position in Garmin during the 1st quarter worth approximately $33,000. TFC Financial Management Inc. grew its position 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 purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Garmin during the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT purchased a new position in Garmin during the 1st quarter worth approximately $38,000. Finally, Garde Capital Inc. purchased a new position in Garmin during the 1st quarter worth approximately $40,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GRMN shares. Tigress Financial lifted their target price on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. JPMorgan Chase & Co. lifted their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday. Morgan Stanley lifted their target price on shares of Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. Finally, Barclays reissued an “underweight” rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $228.75.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 15.38% of the company’s stock.

Garmin Trading Down 1.2%

GRMN stock opened at $256.60 on Friday. Garmin Ltd. has a 1 year low of $160.95 and a 1 year high of $261.69. The company has a fifty day simple moving average of $238.31 and a 200 day simple moving average of $216.29. The firm has a market cap of $49.39 billion, a PE ratio of 31.64, a PEG ratio of 2.85 and a beta of 0.98.

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 (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 EPS. Garmin’s quarterly revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, analysts forecast that Garmin Ltd. will post 7.8 EPS 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.