Foster Victor Wealth Advisors LLC, a notable institutional investor, has recently increased its stake in Garmin Ltd. (NYSE:GRMN) by 3.5% during the second quarter of this year. This information was disclosed in the company’s Form 13F filing with the Securities and Exchange Commission (SEC). As a result of this transaction, Foster Victor Wealth Advisors LLC now owns 107,173 shares of Garmin’s stock, which is an increase of 3,659 shares from their previous holdings.
Garmin Ltd. is a well-known scientific and technical instruments company that specializes in various products such as GPS navigation devices and wearable technology. With its wide range of offerings and strong market presence, it has captured the attention of institutional investors like Foster Victor Wealth Advisors LLC.
Based on their most recent SEC filing, Foster Victor Wealth Advisors LLC currently holds approximately 0.06% worth of Garmin’s outstanding shares, which translates to a value of $11,280,000. This significant investment demonstrates the confidence that Foster Victor Wealth Advisors LLC has in Garmin’s potential for growth and profitability.
On September 24, 2023, shares of Garmin Ltd. opened at $105.31 on the New York Stock Exchange (NYSE). Over the past 50 days leading up to this date, the stock has maintained an average price of $105.05 per share. Similarly, over a longer period of 200 days, Garmin’s stock has displayed a slightly higher average price of $103.21 per share.
With regards to its market capitalization, Garmin Ltd.’s value stands at approximately $20.16 billion as of September 24th. The price-to-earnings (PE) ratio for the company currently sits at 20.37, indicating that investors are willing to pay this multiple for each dollar earned by Garmin in profit. Furthermore, the price-to-earnings-growth (PEG) ratio of 3.64 highlights that Garmin may have higher growth potential compared to its industry peers.
Investors often consider beta as a measure of a stock’s volatility relative to the broader market. In the case of Garmin Ltd., it has a beta of 0.91, implying that it tends to be less volatile than the overall market. This lower level of volatility may appeal to conservative investors who prefer more stable investments.
Over the past year, Garmin’s stock has experienced fluctuations in its price, with a 12-month low of $76.37 and a 12-month high of $108.56. These price movements indicate that while there have been periods where the stock faced downward pressure, it also had moments of substantial growth.
In conclusion, Foster Victor Wealth Advisors LLC’s increased stake in Garmin Ltd. reflects their confidence in the company’s future prospects. The consistent performance and innovation demonstrated by Garmin across its product portfolio have attracted institutional investors like Foster Victor Wealth Advisors LLC. As the market continues to evolve, it will be interesting to observe how Garmin leverages its existing strengths and explores new avenues for growth in the scientific and technical instruments industry.
[bs_slider_forecast ticker=”EQIX”]
Garmin Ltd. Sees Changes in Institutional Investor Positions and Mixed Ratings
Garmin Ltd. (NYSE: GRMN) has recently seen changes in its institutional investor positions, according to reports. Cullinan Associates Inc. and Redhawk Wealth Advisors Inc. both acquired new positions in Garmin during the second quarter, valued at $211,000 and $690,000 respectively. In addition, Peterson Wealth Services boosted its holdings in the scientific and technical instruments company by 1.3%, owning 10,347 shares valued at $1,079,000 after acquiring an additional 134 shares in the last quarter. Triangle Securities Wealth Management also grew its stake by 4.2%, now owning 15,099 shares valued at $1,575,000 after acquiring an additional 611 shares in the second quarter. Finally, NovaPoint Capital LLC raised its holdings by 0.7% for a total of 24,246 shares worth $2,529,000 after purchasing an additional 168 shares.
Hedge funds and other institutional investors currently own approximately 63.26% of Garmin’s stock.
In other news related to Garmin stock trading activities, Director Sean Biddlecombe sold 857 shares on August 4th at an average price of $106.02 per share for a total transaction of $90,859.14. Following this transaction, Biddlecombe now holds 4,834 shares in the company valued at $512,500.68.
Notably as well on September 5th of this year insider Cheng-Wei Wang sold off their portion of Garmin stock amounting to 4,794 shares at an average price of $105.62 per share for a total transaction value of $506,342.28.
Equity analysts have reviewed Garmin’s performance with Barclays raising their target price from $106 to $113 with an “equal weight” rating citing positive prospects for the company in a report released on August 3rd.
Tigress Financial has given Garmin a “strong-buy” rating with a price objective of $165 citing the company’s potential growth in its scientific and technical instruments division.
Investment analysts at Bank of America have raised their target price on Garmin stock from $110 to $120, awarding it a “neutral” rating. Meanwhile, Morgan Stanley reduced its price target from $104 to $103 with an “equal weight” rating for the company.
In conclusion, Garmin Ltd. recently announced its financial results for the second quarter, reporting earnings per share of $1.45, beating analyst estimates by $0.02. The company’s revenue for the quarter reached $1.32 billion, exceeding expectations of $1.26 billion. Looking ahead, equity research analysts predict that Garmin will post earnings per share of 5.16 for the current fiscal year.
Garmin’s stock has received mixed ratings from various research firms, with five holding a “hold” rating, one assigning a “buy” rating, and another giving it a “strong buy” rating. The average price target for the company’s stock is currently estimated at $123.20 according to data from Bloomberg.
Overall, Garmin continues to demonstrate steady performance and investor interest in its products and services within the scientific and technical instruments industry.
