Bellecapital International Ltd. Lowers Position in Garmin Ltd. $GRMN

Key Points

• Bellecapital International Ltd. reduced its stake in Garmin Ltd. by 48.1%, owning 10,100 shares valued at approximately $2.1 million after selling 9,372 shares.
• Analysts have set a consensus rating of "Hold" for Garmin, with an average price target of $228.75, while some firms like Morgan Stanley and Tigress Financial have differing price estimates.
• Garmin recently reported a 20.4% increase in quarterly revenue year-over-year, totaling $1.81 billion, and has set guidance for FY 2025 EPS at 8.000.

Bellecapital International Ltd. cut its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 48.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,100 shares of the scientific and technical instruments company's stock after selling 9,372 shares during the period. Bellecapital International Ltd.'s holdings in Garmin were worth $2,108,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Groupe la Francaise acquired a new position in Garmin during the first quarter worth about $33,000. TFC Financial Management Inc. raised its position in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after buying an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin in the first quarter valued at approximately $40,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GRMN. Morgan Stanley boosted their price objective on shares of Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research report on Friday, September 19th. Tigress Financial lifted their target price on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. raised their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. One research 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 company's stock. Based on data from MarketBeat, the company has a consensus 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 stock in a transaction 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 sale, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 15.38% of the company's stock.

Garmin Price Performance

NYSE GRMN opened at $249.51 on Thursday. Garmin Ltd. has a 12 month low of $160.95 and a 12 month high of $261.69. The company has a market capitalization of $48.03 billion, a price-to-earnings ratio of 30.77, a price-to-earnings-growth ratio of 2.73 and a beta of 0.98. The company's fifty day moving average price is $240.23 and its two-hundred day moving average price is $217.20.

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

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