Garmin Ltd. $GRMN Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its holdings in Garmin Ltd. by 27.4%, selling 31,902 shares during the second quarter, leaving them with 84,728 shares valued at $17.68 million.
• Garmin reported $2.17 earnings per share for the last quarter, surpassing analyst expectations of $1.90, and achieved a revenue growth of 20.4% year-over-year.
• Wall Street analysts have mixed views on Garmin, with target prices ranging from $167.00 to $305.00, resulting in an average target price of $228.75.

Janney Montgomery Scott LLC trimmed its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 27.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 84,728 shares of the scientific and technical instruments company's stock after selling 31,902 shares during the period. Janney Montgomery Scott LLC's holdings in Garmin were worth $17,684,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC boosted its holdings in Garmin by 18.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after buying an additional 1,347 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in Garmin by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after purchasing an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Garmin by 46.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after purchasing an additional 28,543 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Garmin by 7.2% in the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock worth $16,368,000 after purchasing an additional 5,089 shares in the last quarter. Finally, First Hawaiian Bank purchased a new position in Garmin in the 1st quarter worth approximately $1,649,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Up 1.0%

Garmin stock opened at $257.61 on Friday. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $258.42. The stock's fifty day simple moving average is $235.59 and its 200-day simple moving average is $214.64. The firm has a market capitalization of $49.59 billion, a P/E ratio of 31.76, a P/E/G ratio of 2.80 and a beta of 0.98.

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 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 business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company earned $1.58 earnings per share. The company's revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Tigress Financial raised their target price on shares of Garmin from $285.00 to $305.00 and gave the stock a "strong-buy" rating in a research note on Tuesday. Barclays reissued an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley raised their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday, September 19th. One investment 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's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $228.75.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the sale, the insider 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.38% of the company's stock.

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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