CWA Asset Management Group LLC Trims Position in Garmin Ltd. $GRMN

Key Points

• CWA Asset Management Group LLC has reduced its holdings in Garmin Ltd. by 23.7%, owning 51,468 shares after selling 16,027 shares in the second quarter, equating to a value of approximately $10.74 million.
• Garmin reported quarterly earnings of $2.17 per share, exceeding estimates of $1.90, alongside a revenue of $1.81 billion, which was above analyst expectations of $1.68 billion.
• Several institutional investors have significantly increased their positions in Garmin, with GAMMA Investing LLC raising its holdings by an astounding 25,047.9% in the first quarter alone.

CWA Asset Management Group LLC cut its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 23.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,468 shares of the scientific and technical instruments company's stock after selling 16,027 shares during the quarter. CWA Asset Management Group LLC's holdings in Garmin were worth $10,742,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GRMN. GAMMA Investing LLC increased its holdings in shares of Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after purchasing an additional 881,935 shares in the last quarter. AQR Capital Management LLC increased its holdings 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 valued at $340,574,000 after purchasing an additional 700,967 shares in the last quarter. Congress Asset Management Co. increased its holdings in shares of Garmin by 673.4% during the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after purchasing an additional 384,258 shares in the last quarter. Nuveen LLC purchased a new position in shares of Garmin during the 1st quarter valued at approximately $78,900,000. Finally, Vanguard Group Inc. increased its holdings 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 valued at $4,000,656,000 after purchasing an additional 357,458 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Trading Up 1.6%

Shares of GRMN opened at $240.40 on Friday. The firm has a market cap of $46.27 billion, a P/E ratio of 29.64, a price-to-earnings-growth ratio of 2.63 and a beta of 1.00. Garmin Ltd. has a 12-month low of $160.94 and a 12-month high of $246.50. The company's 50-day moving average price is $233.87 and its 200 day moving average price is $213.57.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GRMN. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Barclays reissued an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Garmin currently has an average rating of "Hold" and a consensus price target of $223.75.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. The trade was a 6.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,202 shares of the business's 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 sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by insiders.

Garmin Company 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.

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