CHB Investment Group LLC Invests $3.76 Million in Garmin Ltd. $GRMN

Key Points

• CHB Investment Group LLC invested approximately $3.76 million in Garmin Ltd. (NYSE:GRMN), acquiring 17,999 shares, which now represent about 1.9% of its investment portfolio.
• Insider Cheng-Wei Wang sold 10,202 shares of Garmin at an average price of $232.48, representing a 22.04% reduction in their position, while CFO Douglas G. Boessen also sold shares, indicating insider selling activity.
• Garmin's most recent earnings report showed a 20.4% year-over-year revenue increase, reporting earnings per share of $2.17, surpassing analysts' expectations by $0.27.

CHB Investment Group LLC acquired a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,999 shares of the scientific and technical instruments company's stock, valued at approximately $3,757,000. Garmin accounts for approximately 1.9% of CHB Investment Group LLC's investment portfolio, making the stock its 18th biggest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norden Group LLC grew its stake in shares of Garmin by 5.5% during the 2nd quarter. Norden Group LLC now owns 4,735 shares of the scientific and technical instruments company's stock worth $988,000 after purchasing an additional 247 shares during the period. BNC Wealth Management LLC lifted its position in shares of Garmin by 2.5% during the 2nd quarter. BNC Wealth Management LLC now owns 24,207 shares of the scientific and technical instruments company's stock valued at $5,052,000 after buying an additional 600 shares in the last quarter. Kwmg LLC lifted its position in shares of Garmin by 14.1% during the 2nd quarter. Kwmg LLC now owns 1,492 shares of the scientific and technical instruments company's stock valued at $311,000 after buying an additional 184 shares in the last quarter. Argent Capital Management LLC lifted its position in shares of Garmin by 2.4% during the 2nd quarter. Argent Capital Management LLC now owns 93,566 shares of the scientific and technical instruments company's stock valued at $19,529,000 after buying an additional 2,234 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Garmin by 5.7% during the 2nd quarter. GAMMA Investing LLC now owns 4,309 shares of the scientific and technical instruments company's stock valued at $899,000 after buying an additional 231 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Insiders Place Their Bets

In other news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction 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 transaction, the chief financial officer owned 29,146 shares in the company, valued at approximately $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Company insiders own 19.54% of the company's stock.

Garmin Stock Performance

Shares of GRMN stock opened at $237.32 on Wednesday. The stock's fifty day moving average is $233.08 and its two-hundred day moving average is $213.09. The firm has a market capitalization of $45.68 billion, a P/E ratio of 29.26, a PEG ratio of 2.59 and a beta of 1.00. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.50.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GRMN shares. Barclays reiterated an "underweight" rating and set a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley increased their target price on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Garmin has an average rating of "Hold" and an average target price of $223.75.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.