Garmin Ltd. $GRMN Shares Sold by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS significantly reduced its stake in Garmin Ltd. by 50.1% during the second quarter, selling 55,500 shares and leaving it with 55,374 shares valued at approximately $11.57 million.
• Garmin reported a quarterly EPS of $2.17, exceeding analyst expectations, with revenue of $1.81 billion, a 20.4% increase year-over-year.
• Analysts have mixed ratings on Garmin's stock, with an average price target of $228.75, reflecting a cautious outlook on current valuations.

KLP Kapitalforvaltning AS reduced its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 50.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,374 shares of the scientific and technical instruments company's stock after selling 55,500 shares during the period. KLP Kapitalforvaltning AS's holdings in Garmin were worth $11,565,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GRMN. Groupe la Francaise acquired a new stake in Garmin in the 1st quarter valued at $33,000. TFC Financial Management Inc. increased its holdings in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC purchased a new position in Garmin in the 1st quarter valued at about $34,000. Zions Bancorporation National Association UT purchased a new position in Garmin in the 1st quarter valued at about $38,000. Finally, Garde Capital Inc. purchased a new position in Garmin in the 1st quarter valued at about $40,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Performance

Shares of GRMN stock opened at $256.60 on Friday. Garmin Ltd. has a one year low of $160.95 and a one year high of $261.69. The company's 50-day simple moving average is $238.31 and its 200-day simple moving average is $216.29. The stock has a market capitalization of $49.39 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 2.85 and a beta of 0.98.

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

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the transaction, the insider owned 36,092 shares of the company's stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 15.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

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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