Garmin Ltd. $GRMN Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 17.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,669 shares of the scientific and technical instruments company’s stock after selling 16,853 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Garmin were worth $16,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC raised its stake in 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. Nuveen LLC purchased a new position in shares of Garmin during the first quarter worth about $78,900,000. Vanguard Group Inc. increased its position in shares of Garmin by 2.0% during the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after purchasing an additional 357,458 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Garmin by 21.2% in 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 valued at $262,907,000 after purchasing an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. acquired a new stake in shares of Garmin in the 1st quarter valued at about $40,322,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Price Performance

NYSE:GRMN opened at $200.91 on Monday. The firm has a market cap of $38.64 billion, a price-to-earnings ratio of 24.74, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. The firm’s fifty day moving average price is $239.16 and its 200 day moving average price is $222.41. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, hitting the consensus estimate of $1.99. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The business’s revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the business earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on GRMN. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. 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 report on Thursday, July 17th. Barclays upped their price target on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Morgan Stanley raised their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Finally, Tigress Financial lifted 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, September 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $239.50.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.38% of the stock is currently owned by insiders.

About Garmin

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.