Envestnet Portfolio Solutions Inc. Has $662,000 Stock Position in Garmin Ltd. $GRMN

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in Garmin Ltd. by 52.8% in the second quarter, leaving it with 3,173 shares valued at $662,000.
• Institutional ownership of Garmin is strong at 81.60%, with major investors like Kestra Private Wealth Services LLC increasing their holdings by 18.7% in the first quarter.
• Garmin's latest quarter earnings beat estimates with an EPS of $2.17, exceeding analyst expectations of $1.90, and reported a revenue increase of 20.4% year-over-year.

Envestnet Portfolio Solutions Inc. lessened its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 52.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,173 shares of the scientific and technical instruments company's stock after selling 3,543 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Garmin were worth $662,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GRMN. Kestra Private Wealth Services LLC lifted its holdings 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 acquiring an additional 1,347 shares during the period. Concurrent Investment Advisors LLC raised its position in Garmin by 23.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock valued at $500,000 after purchasing an additional 437 shares in the last quarter. First Hawaiian Bank acquired a new position in Garmin during the first quarter valued at approximately $1,649,000. Acadian Asset Management LLC lifted its stake in Garmin by 7.2% during the first quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock worth $16,368,000 after purchasing an additional 5,089 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Garmin by 255.2% in the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock valued at $96,000 after purchasing an additional 319 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GRMN. Barclays reissued an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. Morgan Stanley raised their price target on shares of Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday, September 19th. Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, September 30th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Garmin presently has a consensus rating of "Hold" and a consensus target price of $228.75.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 19.54% of the company's stock.

Garmin Price Performance

GRMN opened at $249.22 on Tuesday. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $261.69. The company's 50 day moving average price is $241.32 and its two-hundred day moving average price is $218.34. The firm has a market capitalization of $47.97 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 2.73 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping 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 net margin of 23.21% and a return on equity of 20.00%. Garmin's revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

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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