Garmin Ltd. $GRMN Shares Sold by Amundi

Key Points

• Amundi reduced its holdings in Garmin Ltd. by 1.6% during the 1st quarter, owning a total of 486,843 shares valued at approximately $105.7 million.
• Several institutional investors, including Vanguard Group and Invesco, increased their positions in Garmin during the same period, reflecting strong interest as 81.60% of the stock is owned by institutional investors.
• Garmin's recent quarterly earnings surpassed analysts' expectations with a reported EPS of $2.17, up from $1.58 a year earlier, indicating a 20.4% revenue growth compared to the previous year.

Amundi lowered its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 486,843 shares of the scientific and technical instruments company's stock after selling 7,679 shares during the quarter. Amundi owned approximately 0.25% of Garmin worth $105,708,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC increased its stake in Garmin by 18.7% in the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock valued at $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in Garmin by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock valued at $500,000 after buying an additional 437 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after acquiring an additional 28,543 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Garmin by 255.2% during the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock worth $96,000 after acquiring an additional 319 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Garmin by 12.9% in the first quarter. Federated Hermes Inc. now owns 675 shares of the scientific and technical instruments company's stock worth $147,000 after acquiring an additional 77 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer directly owned 141,626 shares in the company, valued at $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,960 shares of company stock valued at $4,376,918 over the last ninety days. Corporate insiders own 15.38% of the company's stock.

Garmin Stock Up 2.2%

Shares of GRMN stock traded up $5.19 during mid-day trading on Thursday, reaching $241.15. The company's stock had a trading volume of 728,782 shares, compared to its average volume of 795,036. The firm has a market capitalization of $46.42 billion, a PE ratio of 29.73, a price-to-earnings-growth ratio of 2.59 and a beta of 1.00. The company's 50 day simple moving average is $229.79 and its 200-day simple moving average is $212.50. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping 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 firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company posted $1.58 EPS. Garmin'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. As a group, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target 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. Morgan Stanley boosted their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, Barclays reaffirmed an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $222.00.

Garmin Company 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.