Garmin Ltd. $GRMN Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC has sold 21.1% of its holdings in Garmin Ltd., now owning 60,375 shares valued at approximately $12.7 million.
• Several institutions, including Fulton Bank and Arrow Investment Advisors, have increased their stakes in Garmin, with institutional investors owning 81.60% of the company.
• Garmin's stock recently opened at $249.20, with a reported earnings per share of $2.17 for the last quarter, exceeding the consensus estimate by $0.27.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 21.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,375 shares of the scientific and technical instruments company's stock after selling 16,154 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Garmin were worth $12,747,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Fulton Bank N.A. raised its stake in Garmin by 2.6% during the second quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company's stock worth $393,000 after acquiring an additional 47 shares during the period. Arrow Investment Advisors LLC raised its stake in Garmin by 3.6% during the second quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company's stock worth $295,000 after acquiring an additional 49 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Garmin by 7.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock worth $163,000 after acquiring an additional 52 shares during the period. SOA Wealth Advisors LLC. raised its stake in Garmin by 27.5% during the second quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company's stock worth $56,000 after acquiring an additional 58 shares during the period. Finally, Harbour Investments Inc. raised its stake in Garmin by 31.8% during the first quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after acquiring an additional 64 shares during the period. Institutional investors and hedge funds own 81.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on GRMN shares. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. 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. Barclays restated an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Tigress Financial raised their price target on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of "Hold" and an average target price of $228.75.

Insiders Place Their Bets

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 shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, 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 filing with the SEC, which is available at the SEC website. Insiders own 15.38% of the company's stock.

Garmin Price Performance

Garmin stock opened at $249.20 on Friday. The firm has a 50 day simple moving average of $240.92 and a 200-day simple moving average of $217.62. The stock has a market capitalization of $47.97 billion, a PE ratio of 30.73, a price-to-earnings-growth ratio of 2.70 and a beta of 0.98. Garmin Ltd. has a 12-month low of $160.95 and a 12-month high of $261.69.

Garmin (NYSE:GRMN - Get Free Report) last posted 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 the consensus estimate of $1.90 by $0.27. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The business's revenue was up 20.4% on a year-over-year basis. During the same period last year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin 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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