MV Capital Management Inc. Sells 292 Shares of Garmin Ltd. $GRMN

MV Capital Management Inc. reduced its holdings in Garmin Ltd. (NYSE:GRMN) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,715 shares of the scientific and technical instruments company’s stock after selling 292 shares during the period. MV Capital Management Inc.’s holdings in Garmin were worth $3,071,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Quaker Wealth Management LLC lifted its stake in Garmin by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after buying an additional 264 shares during the period. Groupe la Francaise acquired a new stake in shares of Garmin during the first quarter worth $33,000. Zions Bancorporation National Association UT bought a new stake in Garmin in the 1st quarter valued at $38,000. SOA Wealth Advisors LLC. lifted its position in Garmin by 27.5% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock valued at $56,000 after acquiring an additional 58 shares in the last quarter. Finally, Harbour Investments Inc. boosted its stake in Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company’s stock worth $58,000 after purchasing an additional 64 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Trading Down 0.7%

NYSE:GRMN opened at $198.35 on Thursday. The stock has a 50 day simple moving average of $236.92 and a 200 day simple moving average of $222.27. Garmin Ltd. has a 1-year low of $169.26 and a 1-year high of $261.69. The stock has a market cap of $38.15 billion, a P/E ratio of 24.43, a PEG ratio of 2.41 and a beta of 1.01.

Garmin (NYSE:GRMN) last posted its 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 the consensus estimate of $1.78 billion. During the same quarter last year, the firm earned $1.99 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley upped their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. 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 target 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. Barclays increased their price objective on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $239.50.

Insider Activity

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the 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 transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 19.54% 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.