Garmin Ltd. $GRMN Holdings Trimmed by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management SPA SGR has reduced its stake in Garmin by 8.6%, owning a total of 12,560 shares valued at approximately $2.62 million after selling 1,177 shares.
• Garmin's recent quarterly earnings topped analysts’ expectations, reporting $2.17 earnings per share and $1.81 billion in revenue, a 20.4% increase year-over-year.
• JPMorgan Chase raised Garmin's price target from $215 to $250 while maintaining a "neutral" rating, indicating mixed sentiment among analysts regarding Garmin’s stock performance.

Generali Asset Management SPA SGR lowered its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 8.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,560 shares of the scientific and technical instruments company's stock after selling 1,177 shares during the quarter. Generali Asset Management SPA SGR's holdings in Garmin were worth $2,622,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Garmin by 79.3% in 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 during the period. Nuveen LLC acquired a new position in shares of Garmin in the 1st quarter valued at $78,900,000. Vanguard Group Inc. boosted its position in shares of Garmin by 2.0% in 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Garmin by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock valued at $262,907,000 after purchasing an additional 211,731 shares during the period. Finally, Clark Capital Management Group Inc. acquired a new position in shares of Garmin in the 1st quarter valued at $40,322,000. Institutional investors own 81.60% of the company's stock.

Garmin Price Performance

GRMN opened at $246.56 on Friday. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $261.69. 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 price-to-earnings-growth ratio of 2.73 and a beta of 0.98.

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

Insider Buying and Selling at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider directly 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 15.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Morgan Stanley raised their price objective on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday, September 19th. Barclays restated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Tigress Financial raised their price objective on Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, September 30th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Garmin currently has an average rating of "Hold" and a consensus price target of $228.75.

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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