Voleon Capital Management LP Has $3.88 Million Stock Position in Garmin Ltd. $GRMN

Key Points

• Voleon Capital Management LP reduced its holdings in Garmin Ltd. by 43.3% in the first quarter, bringing its ownership to 17,887 shares valued at approximately $3.88 million.
• In contrast, GAMMA Investing LLC significantly increased its stake by 25,047.9%, acquiring 885,456 shares worth about $192.26 million.
• Garmin reported better than expected quarterly earnings of $2.17 per share, surpassing analysts' estimates by $0.27, and achieving a 20.4% increase in revenue year over year.

Voleon Capital Management LP lowered its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 43.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,887 shares of the scientific and technical instruments company's stock after selling 13,637 shares during the period. Voleon Capital Management LP's holdings in Garmin were worth $3,884,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in 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 worth $4,000,656,000 after acquiring an additional 357,458 shares during the last quarter. Invesco Ltd. grew its position in Garmin by 9.0% during the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company's stock worth $404,329,000 after acquiring an additional 153,267 shares during the last quarter. AQR Capital Management LLC grew its position in 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 worth $340,574,000 after acquiring an additional 700,967 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Garmin by 15.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company's stock worth $206,074,000 after acquiring an additional 135,135 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Garmin by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company's stock worth $193,812,000 after acquiring an additional 2,768 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted 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 upped their price target on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Garmin has a consensus rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Down 1.3%

Shares of NYSE GRMN traded down $3.11 during trading on Friday, reaching $238.07. The company had a trading volume of 528,634 shares, compared to its average volume of 797,916. The company's fifty day moving average price is $230.27 and its 200-day moving average price is $212.48. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The stock has a market cap of $45.83 billion, a P/E ratio of 29.36, a PEG ratio of 2.65 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last announced 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 analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion for 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 firm's revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Activity

In other news, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at $28,785,484.50. The trade was a 5.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,960 shares of company stock valued at $4,376,918 in the last ninety days. 15.38% of the stock is owned by company insiders.

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.