Atria Wealth Solutions Inc. Reduces Position in Garmin Ltd. $GRMN

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in Garmin Ltd. by 59.6%, selling 3,531 shares to end up with 2,390 shares worth approximately $499,000.
• Other institutional investors, including Vanguard and AQR Capital Management, have increased their stakes in Garmin, with Vanguard owning over 18 million shares valued at around $4 billion.
• Garmin reported a better-than-expected quarterly earnings, with an EPS of $2.17 compared to a consensus estimate of $1.90, and a revenue of $1.81 billion, exceeding expectations.

Atria Wealth Solutions Inc. lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 59.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,390 shares of the scientific and technical instruments company's stock after selling 3,531 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Garmin were worth $499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Garmin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after acquiring an additional 357,458 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Garmin by 9.0% during the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company's stock worth $404,329,000 after acquiring an additional 153,267 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock worth $340,574,000 after acquiring an additional 700,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock valued at $262,907,000 after buying an additional 211,731 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Garmin by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company's stock worth $193,812,000 after buying an additional 2,768 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Stock Up 1.0%

Shares of GRMN stock opened at $249.20 on Monday. The stock has a market cap of $47.97 billion, a P/E ratio of 30.73, a PEG ratio of 2.73 and a beta of 0.98. Garmin Ltd. has a 52 week low of $160.95 and a 52 week high of $261.69. The company's fifty day simple moving average is $240.92 and its two-hundred day simple moving average is $217.84.

Garmin (NYSE:GRMN - Get Free Report) last announced 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. The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business's quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. 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 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 report on Tuesday, September 30th. Barclays reaffirmed an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. 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 report on Friday, September 19th. Finally, Weiss Ratings reaffirmed 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 assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $228.75.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction 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 sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.

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