Garmin Ltd. $GRMN Shares Sold by UMB Bank n.a.

Key Points

• UMB Bank n.a. significantly reduced its stake in Garmin by 79.2% in the second quarter, owning 3,485 shares valued at approximately $727,000 after selling 13,230 shares.
• Garmin CFO Douglas G. Boessen sold 1,859 shares and insider Cheng-Wei Wang sold 10,202 shares, indicating a decrease in insider ownership, with 19.54% of the stock owned by insiders.
• Garmin reported $2.17 earnings per share (EPS) for the last quarter, exceeding expectations, and experienced a 20.4% year-over-year revenue increase reaching $1.81 billion.

UMB Bank n.a. cut its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 79.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,485 shares of the scientific and technical instruments company's stock after selling 13,230 shares during the quarter. UMB Bank n.a.'s holdings in Garmin were worth $727,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Garmin in the second quarter valued at $152,000. Assenagon Asset Management S.A. increased its position in Garmin by 242.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 52,416 shares of the scientific and technical instruments company's stock worth $10,940,000 after purchasing an additional 37,122 shares in the last quarter. Andrew Hill Investment Advisors Inc. increased its position in Garmin by 29.6% during the 2nd quarter. Andrew Hill Investment Advisors Inc. now owns 23,427 shares of the scientific and technical instruments company's stock worth $4,890,000 after purchasing an additional 5,347 shares in the last quarter. Fulton Bank N.A. increased its position in Garmin by 2.6% during the 2nd quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company's stock worth $393,000 after purchasing an additional 47 shares in the last quarter. Finally, Family Legacy Financial Solutions LLC purchased a new stake in Garmin during the 2nd quarter worth about $201,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, 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 disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Garmin Stock Performance

Garmin stock opened at $235.10 on Monday. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The stock's 50 day moving average price is $232.28 and its 200 day moving average price is $212.80. The firm has a market capitalization of $45.25 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

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, topping the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned $1.58 EPS. Garmin's revenue for the quarter was up 20.4% compared to the same quarter last year. 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.

Wall Street Analyst Weigh In

A number of analysts recently commented on GRMN shares. Morgan Stanley lifted their price objective on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday. Barclays reissued an "underweight" rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price target on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $223.75.

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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