Prime Capital Investment Advisors LLC Has $780,000 Position in Garmin Ltd. $GRMN

Prime Capital Investment Advisors LLC trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 48.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,736 shares of the scientific and technical instruments company’s stock after selling 3,498 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Garmin were worth $780,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GRMN. Vanguard Group Inc. lifted its holdings in Garmin by 2.0% during the 1st 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 buying an additional 357,458 shares in the last quarter. Invesco Ltd. raised its position in shares of Garmin by 9.0% during the first quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after acquiring an additional 153,267 shares during the last quarter. AQR Capital Management LLC increased its position in Garmin by 79.3% in the first 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 purchasing an additional 700,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Garmin by 21.2% in the first 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 purchasing an additional 211,731 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Garmin by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company’s stock valued at $193,812,000 after purchasing an additional 2,768 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the transaction, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.38% of the stock is owned by corporate insiders.

Garmin Stock Down 1.2%

Garmin stock opened at $256.60 on Friday. The stock has a market capitalization of $49.39 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. Garmin Ltd. has a twelve month low of $160.95 and a twelve month high of $261.69. The company has a 50 day moving average of $238.31 and a 200-day moving average of $216.29.

Garmin (NYSE:GRMN) last posted its quarterly earnings data 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. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. 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 report on Tuesday, September 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Barclays reaffirmed an “underweight” rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley raised their target price on Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Garmin currently has an average rating of “Hold” and a consensus target price of $228.75.

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.