Bontempo Ohly Capital Mgmt LLC Reduces Stock Position in Garmin Ltd. $GRMN

Key Points

• Bontempo Ohly Capital Mgmt LLC reduced its stake in Garmin Ltd. by 35.8%, selling 11,531 shares, and now owns 20,718 shares valued at approximately $4.5 million.
• Insider Cheng-Wei Wang sold over 10,200 shares of Garmin, indicating a 22.04% decrease in their ownership, while CFO Douglas G. Boessen sold 1,859 shares, representing a 6% decrease in his position.
• Analysts have varying ratings on Garmin, with Barclays maintaining an underweight rating while JPMorgan raised its price target from $215 to $250, reflecting diverse outlooks on the stock's future performance.

Bontempo Ohly Capital Mgmt LLC decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 35.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,718 shares of the scientific and technical instruments company's stock after selling 11,531 shares during the period. Garmin comprises 2.2% of Bontempo Ohly Capital Mgmt LLC's holdings, making the stock its 13th largest holding. Bontempo Ohly Capital Mgmt LLC's holdings in Garmin were worth $4,498,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GRMN. Groupe la Francaise acquired a new stake in Garmin in the first quarter valued at approximately $33,000. TFC Financial Management Inc. boosted its position in 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 in the last quarter. Wayfinding Financial LLC acquired a new stake in Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT acquired a new stake in Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new stake in Garmin in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Stock Up 0.3%

GRMN traded up $0.70 during midday trading on Tuesday, hitting $236.53. The company had a trading volume of 797,114 shares, compared to its average volume of 927,276. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The company has a market capitalization of $45.53 billion, a price-to-earnings ratio of 29.17, a PEG ratio of 2.62 and a beta of 1.00. The stock's 50 day moving average price is $230.70 and its 200 day moving average price is $212.45.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly 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 firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm posted $1.58 earnings per share. The business's revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GRMN. JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley raised their price target 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $222.00.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated 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 transaction, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by company insiders.

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.