Wedge Capital Management L L P NC Reduces Position in Garmin Ltd. $GRMN

Wedge Capital Management L L P NC cut its stake in shares of Garmin Ltd. (NYSE:GRMN) by 24.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,045 shares of the scientific and technical instruments company’s stock after selling 43,295 shares during the quarter. Wedge Capital Management L L P NC owned about 0.07% of Garmin worth $33,251,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after purchasing an additional 463 shares during the last quarter. American Century Companies Inc. increased its holdings in Garmin by 1.2% in the 1st quarter. American Century Companies Inc. now owns 60,977 shares of the scientific and technical instruments company’s stock worth $13,240,000 after buying an additional 697 shares during the period. Cresset Asset Management LLC purchased a new position in Garmin during the 1st quarter worth approximately $231,000. Algert Global LLC acquired a new stake in Garmin during the 1st quarter valued at approximately $409,000. Finally, Wellington Management Group LLP lifted its stake in Garmin by 6.0% during the 1st quarter. Wellington Management Group LLP now owns 19,386 shares of the scientific and technical instruments company’s stock valued at $4,209,000 after acquiring an additional 1,105 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Down 0.4%

GRMN stock opened at $201.41 on Friday. Garmin Ltd. has a 52-week low of $169.26 and a 52-week high of $261.69. The firm has a market cap of $38.74 billion, a P/E ratio of 24.80, a PEG ratio of 2.28 and a beta of 1.01. The company’s 50-day simple moving average is $212.64 and its 200-day simple moving average is $222.30.

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

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the sale, the chief executive officer owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This trade represents a 7.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,485 shares of the business’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the completion of the sale, the chief financial officer directly owned 28,916 shares of the company’s stock, valued at approximately $5,964,214.16. The trade was a 7.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 15.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on GRMN shares. Barclays raised their target price on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a report on Wednesday, December 3rd. Morgan Stanley raised their target price on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Finally, Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $242.60.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.