111 Capital Sells 1,577 Shares of Garmin Ltd. $GRMN

Key Points

• 111 Capital reduced its stake in Garmin Ltd. by 26.6% during the second quarter, now holding 4,350 shares valued at $908,000.
• Various institutional investors have increased their stakes in Garmin, with hedge funds collectively owning 81.60% of the company's stock.
• Analysts have mixed ratings on Garmin's stock, with price targets ranging from $167.00 to $305.00, and a consensus rating of "Hold."

111 Capital lessened its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 26.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,350 shares of the scientific and technical instruments company's stock after selling 1,577 shares during the quarter. 111 Capital's holdings in Garmin were worth $908,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Groupe la Francaise acquired a new stake in shares of Garmin in the 1st quarter worth $33,000. TFC Financial Management Inc. lifted its stake in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after acquiring an additional 147 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Garmin during the first quarter worth $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin during the first quarter valued at $38,000. Finally, Garde Capital Inc. purchased a new stake in Garmin in the first quarter valued at $40,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GRMN. Tigress Financial boosted their price objective on Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a report on Tuesday. Morgan Stanley increased their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday, September 19th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Saturday, September 27th. Barclays restated an "underweight" rating and set a $167.00 target price (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. boosted their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $228.75.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm's 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 completion of the sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.38% of the stock is currently owned by company insiders.

Garmin Price Performance

Shares of Garmin stock opened at $256.86 on Friday. The stock's 50 day simple moving average is $236.02 and its 200-day simple moving average is $215.03. The stock has a market cap of $49.44 billion, a P/E ratio of 31.67, a P/E/G ratio of 2.82 and a beta of 0.98. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $258.51.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $1.58 EPS. The firm's quarterly revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Profile

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.

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