Cwm LLC Trims Stake in Garmin Ltd. $GRMN

Key Points

• Cwm LLC has reduced its holdings in Garmin Ltd. by 32.0%, resulting in a total of 17,725 shares worth approximately $3.7 million.
• Garmin's recent earnings report showed a quarterly earnings per share of $2.17, exceeding estimates and reflecting a 20.4% year-over-year revenue increase to $1.81 billion.
• Multiple analysts have adjusted their ratings and price targets for Garmin, with estimates ranging from $167.00 to $305.00, indicating a mixed outlook among Wall Street experts.

Cwm LLC lowered its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 32.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,725 shares of the scientific and technical instruments company's stock after selling 8,336 shares during the quarter. Cwm LLC's holdings in Garmin were worth $3,699,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kestra Private Wealth Services LLC lifted its stake in shares of Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after purchasing an additional 1,347 shares during the period. Concurrent Investment Advisors LLC increased its holdings in shares of Garmin by 23.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after buying an additional 437 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Garmin by 46.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after purchasing an additional 28,543 shares in the last quarter. First Hawaiian Bank acquired a new stake in Garmin in the 1st quarter valued at $1,649,000. Finally, Acadian Asset Management LLC increased its holdings in Garmin by 7.2% in the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock valued at $16,368,000 after purchasing an additional 5,089 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Price Performance

Shares of Garmin stock opened at $246.56 on Friday. The business has a 50-day moving average of $240.58 and a 200-day moving average of $217.40. The company has a market capitalization of $47.46 billion, a PE ratio of 30.40, a P/E/G ratio of 2.73 and a beta of 0.98. Garmin Ltd. has a 1-year low of $160.95 and a 1-year high of $261.69.

Garmin (NYSE:GRMN - Get Free Report) last announced its 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. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company's revenue was up 20.4% on a year-over-year basis. During the same period last year, the firm earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the 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 transaction, the insider owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 15.38% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Tigress Financial increased their price target on Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a report on Tuesday, September 30th. Barclays reiterated an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Morgan Stanley increased their price target on Garmin from $186.00 to $193.00 and gave the company 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 Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Garmin currently has a consensus rating of "Hold" and an average target price of $228.75.

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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