Garmin Ltd. (NYSE:GRMN) Stake Boosted by Truist Financial Corp

Truist Financial Corp raised its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 2.2% in the 2nd quarter, Holdings Channel reports. The firm owned 6,743 shares of the scientific and technical instruments company’s stock after purchasing an additional 148 shares during the quarter. Truist Financial Corp’s holdings in Garmin were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of GRMN. Magnolia Capital Advisors LLC bought a new position in shares of Garmin during the second quarter worth about $595,000. Creative Planning grew its position in Garmin by 7.6% in the 2nd quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock worth $5,456,000 after purchasing an additional 2,380 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Garmin in the second quarter valued at approximately $508,000. Scientech Research LLC bought a new stake in shares of Garmin during the second quarter valued at approximately $337,000. Finally, Select Equity Group L.P. boosted its position in shares of Garmin by 0.6% during the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after buying an additional 11,666 shares during the period. 73.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 in the last quarter. 19.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GRMN shares. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $158.50.

Garmin Trading Up 0.1 %

NYSE GRMN opened at $165.89 on Monday. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $184.42. The company has a market capitalization of $31.86 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 2.85 and a beta of 0.99. The stock’s 50 day moving average is $173.78 and its two-hundred day moving average is $165.18.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm earned $1.45 EPS. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post 6.08 earnings per share for the current 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.