Corient Private Wealth LP Sells 51,022 Shares of Garmin Ltd. $GRMN

Key Points

• Corient Private Wealth reduced its Garmin position by 54.6%, selling 51,022 shares during the second quarter and retaining 42,375 shares valued at approximately $10.1 million. Institutional investors collectively own 81.6% of Garmin.
• Analysts maintain a generally positive outlook, with Garmin carrying a consensus “Moderate Buy” rating and an average price target of $310.17. Recent targets from Morgan Stanley and Barclays were raised, though both retained “equal weight” ratings.
• Garmin reported stronger-than-expected quarterly results, with EPS of $2.81 versus the $2.30 consensus and revenue of $2.02 billion, up 11.4% year over year. The stock opened at $277.39, below its 12-month high of $314.28.

Corient Private Wealth LP trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 54.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,375 shares of the scientific and technical instruments company's stock after selling 51,022 shares during the quarter. Corient Private Wealth LP's holdings in Garmin were worth $10,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Garmin during the fourth quarter valued at about $395,234,000. Man Group plc grew its position in Garmin by 232.0% in the 4th quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company's stock worth $164,793,000 after purchasing an additional 567,711 shares in the last quarter. Bank of America Corp DE increased its stake in Garmin by 73.8% in the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company's stock valued at $300,499,000 after buying an additional 549,954 shares during the last quarter. Amundi increased its stake in Garmin by 82.5% in the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock valued at $236,027,000 after buying an additional 459,980 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in shares of Garmin during the 4th quarter worth approximately $68,106,000. Institutional investors own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on GRMN shares. KeyCorp restated a "sector weight" rating on shares of Garmin in a research note on Wednesday, September 2nd. Wall Street Zen downgraded Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. Morgan Stanley lifted their price target on Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Tigress Financial reissued a "strong-buy" rating on shares of Garmin in a research report on Thursday, August 6th. Finally, Barclays upped their price objective on Garmin from $238.00 to $297.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $310.17.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 986 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $292.88, for a total transaction of $288,779.68. Following the transaction, the director owned 6,021 shares of the company's stock, valued at $1,763,430.48. This represents a 14.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joshua H. Maxfield sold 1,152 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the transaction, the vice president owned 15,042 shares of the company's stock, valued at $4,379,177.46. The trade was a 7.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,108 shares of company stock valued at $4,808,799 in the last three months. 14.80% of the stock is currently owned by company insiders.

Garmin Stock Down 0.6%

GRMN opened at $277.39 on Thursday. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $314.28. The company's 50-day moving average price is $278.50 and its two-hundred day moving average price is $254.92. The stock has a market cap of $53.50 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 3.12 and a beta of 0.85.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. Garmin's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.17 EPS. As a group, sell-side analysts anticipate that Garmin Ltd. will post 10.08 earnings per share for the current year.

Garmin Profile

Garmin Ltd. is a technology company that develops products and services based on global positioning system (GPS) and other navigation technologies. The company serves consumers, businesses and specialized markets through its fitness, outdoor, aviation, marine and automotive original equipment manufacturer (OEM) segments.

Its product portfolio includes smartwatches and cycling computers, sports and activity trackers, outdoor navigation devices, satellite communication products, aviation avionics and navigation systems, marine chartplotters and sonar equipment, and in-vehicle navigation and infotainment solutions.

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