Vontobel Holding Ltd. Trims Position in Garmin Ltd. $GRMN

Vontobel Holding Ltd. cut its position in Garmin Ltd. (NYSE:GRMN) by 10.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,923 shares of the scientific and technical instruments company’s stock after selling 3,885 shares during the period. Vontobel Holding Ltd.’s holdings in Garmin were worth $6,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Maryland State Retirement & Pension System increased its stake in shares of Garmin by 9.4% in the second quarter. Maryland State Retirement & Pension System now owns 7,921 shares of the scientific and technical instruments company’s stock worth $1,653,000 after purchasing an additional 683 shares in the last quarter. Narwhal Capital Management boosted its position in shares of Garmin by 196.8% during the second quarter. Narwhal Capital Management now owns 31,297 shares of the scientific and technical instruments company’s stock worth $6,532,000 after acquiring an additional 20,751 shares during the last quarter. BankPlus Trust Department boosted its position in shares of Garmin by 7.9% during the second quarter. BankPlus Trust Department now owns 7,391 shares of the scientific and technical instruments company’s stock worth $1,543,000 after acquiring an additional 544 shares during the last quarter. Independent Solutions Wealth Management LLC boosted its position in shares of Garmin by 7.6% during the second quarter. Independent Solutions Wealth Management LLC now owns 1,622 shares of the scientific and technical instruments company’s stock worth $339,000 after acquiring an additional 115 shares during the last quarter. Finally, Joel Isaacson & Co. LLC bought a new position in shares of Garmin during the second quarter worth $250,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GRMN has been the subject of a number of research reports. Morgan Stanley upped their target price 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. JPMorgan Chase & Co. upped their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Tigress Financial upped their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Wednesday. Finally, Barclays reiterated an “underweight” rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $228.75.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction dated 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 directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 15.38% of the company’s stock.

Garmin Trading Down 3.2%

Shares of GRMN opened at $248.18 on Friday. Garmin Ltd. has a twelve month low of $160.95 and a twelve month high of $261.69. The company has a market cap of $47.77 billion, a P/E ratio of 30.60, a P/E/G ratio of 2.81 and a beta of 0.98. The company’s fifty day simple moving average is $238.90 and its 200-day simple moving average is $216.49.

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