Garmin Ltd. $GRMN Shares Sold by Teamwork Financial Advisors LLC

Key Points

• Teamwork Financial Advisors LLC reduced its stake in Garmin Ltd. by 27.3%, now holding 11,567 shares valued at approximately $2.4 million.
• Insiders, including CEO Clifton A. Pemble and Cheng-Wei Wang, sold a combined total of 19,960 shares worth about $4.4 million over the last three months.
• Garmin reported a strong quarterly performance, with earnings per share of $2.17, surpassing expectations and showing a 20.4% revenue increase from the previous year.

Teamwork Financial Advisors LLC reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 27.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,567 shares of the scientific and technical instruments company's stock after selling 4,336 shares during the quarter. Teamwork Financial Advisors LLC's holdings in Garmin were worth $2,414,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business'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 value of $2,371,760.96. Following the sale, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,960 shares of company stock worth $4,376,918 over the last three months. Insiders own 15.38% of the company's stock.

Garmin Stock Down 1.3%

GRMN stock opened at $238.07 on Friday. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The stock has a market cap of $45.83 billion, a price-to-earnings ratio of 29.36, a price-to-earnings-growth ratio of 2.65 and a beta of 1.00. The business has a fifty day moving average of $230.27 and a two-hundred day moving average of $212.48.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company's revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, sell-side analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on GRMN shares. Barclays restated an "underweight" rating and set a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley boosted their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $222.00.

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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