Garmin Ltd. $GRMN Shares Sold by BSW Wealth Partners

BSW Wealth Partners reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 7.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,676 shares of the scientific and technical instruments company’s stock after selling 142 shares during the quarter. BSW Wealth Partners’ holdings in Garmin were worth $350,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GRMN. AQR Capital Management LLC boosted its stake in shares of Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after acquiring an additional 700,967 shares in the last quarter. Congress Asset Management Co. boosted its position in Garmin by 673.4% during the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company’s stock worth $95,823,000 after purchasing an additional 384,258 shares in the last quarter. Nuveen LLC acquired a new stake in Garmin in the first quarter valued at $78,900,000. Vanguard Group Inc. increased its position in shares of Garmin by 2.0% in the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock valued at $4,000,656,000 after buying an additional 357,458 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock worth $262,907,000 after buying an additional 211,731 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GRMN. Tigress Financial increased their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Barclays reiterated an “underweight” rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley lifted their price objective on Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a research report on Friday, September 19th. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $228.75.

Garmin Price Performance

Shares of GRMN stock opened at $257.61 on Friday. The firm’s 50-day simple moving average is $235.59 and its 200-day simple moving average is $214.64. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $258.42. The firm has a market cap of $49.59 billion, a P/E ratio of 31.76, a PEG ratio of 2.80 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. Garmin’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider directly owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.38% of the stock is currently owned by insiders.

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.