Garmin Ltd. $GRMN Shares Sold by First Pacific Financial

First Pacific Financial trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN) by 8.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,961 shares of the scientific and technical instruments company’s stock after selling 567 shares during the quarter. First Pacific Financial’s holdings in Garmin were worth $1,244,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Groupe la Francaise acquired a new position in Garmin in the 1st quarter valued at $33,000. TFC Financial Management Inc. raised its holdings in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock valued at $34,000 after acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in Garmin in the 1st quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin during the first quarter worth approximately $38,000. Finally, Garde Capital Inc. acquired a new position in Garmin in the first quarter valued at $40,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Up 0.3%

GRMN opened at $246.21 on Wednesday. The company’s 50-day moving average price is $234.62 and its 200 day moving average price is $214.05. The firm has a market cap of $47.39 billion, a price-to-earnings ratio of 30.36, a price-to-earnings-growth ratio of 2.69 and a beta of 1.00. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.65.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted $1.58 earnings per share. Garmin’s 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. Research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on GRMN. Tigress Financial increased their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Barclays restated an “underweight” rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. 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 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 research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of “Hold” and an average price target of $228.75.

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 1,859 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares of the company’s stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated 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 completion of the transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

Garmin 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.