Ethic Inc. Trims Stake in Garmin Ltd. $GRMN

Ethic Inc. lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 18.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,816 shares of the scientific and technical instruments company’s stock after selling 6,396 shares during the quarter. Ethic Inc.’s holdings in Garmin were worth $6,004,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Legacy Wealth Asset Management LLC increased its holdings in Garmin by 16.1% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 1,542 shares of the scientific and technical instruments company’s stock valued at $322,000 after purchasing an additional 214 shares in the last quarter. VCI Wealth Management LLC increased its holdings in Garmin by 11.6% in the 2nd quarter. VCI Wealth Management LLC now owns 5,478 shares of the scientific and technical instruments company’s stock valued at $1,143,000 after purchasing an additional 568 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Garmin by 1.0% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 308,787 shares of the scientific and technical instruments company’s stock valued at $63,435,000 after purchasing an additional 3,115 shares in the last quarter. Unison Advisors LLC increased its holdings in Garmin by 0.4% in the 2nd quarter. Unison Advisors LLC now owns 28,123 shares of the scientific and technical instruments company’s stock valued at $5,870,000 after purchasing an additional 115 shares in the last quarter. Finally, Chicago Partners Investment Group LLC increased its holdings in Garmin by 27.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 6,429 shares of the scientific and technical instruments company’s stock valued at $1,342,000 after purchasing an additional 1,365 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Garmin

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 shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 15.38% of the company’s stock.

Garmin Price Performance

NYSE GRMN opened at $247.53 on Thursday. The firm has a market capitalization of $47.65 billion, a PE ratio of 30.52, a P/E/G ratio of 2.75 and a beta of 0.98. Garmin Ltd. has a 12 month low of $160.95 and a 12 month high of $261.69. The company’s 50 day simple moving average is $241.91 and its 200 day simple moving average is $218.77.

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

Wall Street Analysts Forecast Growth

GRMN has been the subject of several recent analyst reports. Barclays restated an “underweight” rating and set a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. JPMorgan Chase & Co. raised 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. Tigress Financial raised their target price on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Finally, Morgan Stanley raised their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. One investment 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 issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.