Graham Capital Management L.P. Sells 11,060 Shares of Garmin Ltd. $GRMN

Key Points

• Graham Capital Management L.P. significantly reduced its stake in Garmin Ltd. by 56%, selling 11,060 shares during the first quarter, bringing its total holdings to 8,697 shares valued at approximately $1.89 million.
• Several institutional investors have increased their stakes in Garmin, with TFC Financial Management lifting its holding by an astonishing 1,633.3% in the same quarter.
• Garmin's stock has seen price target adjustments from various brokerages, with JPMorgan Chase raising its target from $215 to $250, and Morgan Stanley setting a new target at $186 amid mixed analyst ratings.

Graham Capital Management L.P. reduced its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 56.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,697 shares of the scientific and technical instruments company's stock after selling 11,060 shares during the quarter. Graham Capital Management L.P.'s holdings in Garmin were worth $1,888,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Groupe la Francaise bought a new position in Garmin during the 1st quarter valued at $33,000. TFC Financial Management Inc. boosted its stake in Garmin by 1,633.3% during 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 bought a new position in Garmin during the 1st quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin during the 1st quarter valued at $38,000. Finally, Garde Capital Inc. acquired a new stake in shares of Garmin during the 1st quarter valued at $40,000. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the 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 completion of the sale, the insider directly owned 36,092 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. Corporate insiders own 15.38% of the company's stock.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. increased their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Barclays restated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. One investment 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 company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $222.00.

Garmin Stock Down 0.1%

Shares of GRMN traded down $0.31 during mid-day trading on Friday, reaching $237.35. The company's stock had a trading volume of 871,909 shares, compared to its average volume of 773,058. The business has a fifty day moving average of $227.62 and a 200 day moving average of $212.24. The company has a market cap of $45.69 billion, a price-to-earnings ratio of 29.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Company 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.