Garmin Ltd. $GRMN Shares Sold by Diversified Trust Co

Key Points

• Diversified Trust Co reduced its stake in Garmin Ltd. by 35.5% during the second quarter, selling 2,001 shares and holding a total of 3,642 shares valued at approximately $760,000.
• Multiple institutional investors have significantly increased their holdings in Garmin, with GAMMA Investing LLC's stake growing by 25,047.9% in the first quarter.
• Garmin reported earnings of $2.17 per share, beating expectations, with revenue of $1.81 billion representing a 20.4% year-over-year increase.

Diversified Trust Co decreased its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 35.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,642 shares of the scientific and technical instruments company's stock after selling 2,001 shares during the quarter. Diversified Trust Co's holdings in Garmin were worth $760,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after acquiring an additional 881,935 shares during the period. AQR Capital Management LLC grew its stake in 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 acquiring an additional 700,967 shares during the period. Congress Asset Management Co. grew its stake in Garmin by 673.4% in the 1st quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after acquiring an additional 384,258 shares during the period. Nuveen LLC acquired a new stake in Garmin in the 1st quarter valued at $78,900,000. Finally, Vanguard Group Inc. lifted its holdings in 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 in the last quarter. Institutional investors and hedge funds own 81.60% of the company's stock.

Analyst Ratings Changes

GRMN has been the topic of a number of research reports. Barclays restated an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Morgan Stanley raised their price objective on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday. One 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $223.75.

Insider Activity

In other news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction dated 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 represents a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 19.54% of the company's stock.

Garmin Price Performance

NYSE GRMN opened at $236.27 on Tuesday. The company has a market cap of $45.48 billion, a P/E ratio of 29.13, a P/E/G ratio of 2.58 and a beta of 1.00. The stock has a 50-day moving average of $232.66 and a two-hundred day moving average of $212.92. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion during 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%.Garmin's revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 EPS 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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