Greenleaf Trust Cuts Stock Holdings in Garmin Ltd. $GRMN

Greenleaf Trust decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 6.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 3,701 shares of the scientific and technical instruments company’s stock after selling 236 shares during the period. Greenleaf Trust’s holdings in Garmin were worth $772,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Groupe la Francaise purchased a new position in Garmin during the 1st quarter valued at about $33,000. TFC Financial Management Inc. increased its position in Garmin by 1,633.3% during 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 purchasing an additional 147 shares during the period. Wayfinding Financial LLC purchased a new position in Garmin during the 1st quarter valued at about $34,000. Zions Bancorporation National Association UT purchased a new position in Garmin during the 1st quarter valued at about $38,000. Finally, Garde Capital Inc. purchased a new position in Garmin during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business’s stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 15.38% of the company’s stock.

Garmin Trading Up 1.0%

NYSE:GRMN opened at $257.61 on Friday. The company has a market cap of $49.59 billion, a PE ratio of 31.76, a P/E/G ratio of 2.80 and a beta of 0.98. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $258.42. The company’s 50 day moving average is $235.59 and its two-hundred day moving average is $214.64.

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

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.