Evergreen Capital Management LLC Cuts Position in Garmin Ltd. $GRMN

Key Points

• Evergreen Capital Management LLC reduced its stake in Garmin Ltd. by 29.9%, now holding 4,933 shares worth approximately $1,071,000.
• Garmin recently reported a 20.4% increase in quarterly revenue, earning $2.17 per share, surpassing analysts' expectations.
• Insider trading activity included CEO Clifton A. Pemble selling 7,899 shares, while investment firms like TFC Financial Management Inc. significantly increased their stakes in Garmin during the same period.

Evergreen Capital Management LLC decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 29.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,933 shares of the scientific and technical instruments company's stock after selling 2,107 shares during the period. Evergreen Capital Management LLC's holdings in Garmin were worth $1,071,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Groupe la Francaise bought a new position in shares of Garmin during the 1st quarter valued at about $33,000. TFC Financial Management Inc. boosted its stake in Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after buying an additional 147 shares in the last quarter. Wayfinding Financial LLC bought a new position in Garmin during the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT bought a new position in Garmin during the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. purchased a new position in shares of Garmin during the first quarter worth approximately $40,000. Institutional investors own 81.60% of the company's stock.

Garmin Stock Up 0.4%

Shares of GRMN opened at $242.01 on Friday. The stock has a market capitalization of $46.59 billion, a P/E ratio of 29.84, a PEG ratio of 2.66 and a beta of 0.99. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The firm has a fifty day simple moving average of $224.34 and a two-hundred day simple moving average of $211.36.

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 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the firm's 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 completion of the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,960 shares of company stock valued at $4,376,918 in the last 90 days. Insiders own 15.38% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GRMN. Morgan Stanley upped their price objective on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Barclays restated an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $222.00.

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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