Kestra Advisory Services LLC Decreases Stock Position in Garmin Ltd. $GRMN

Key Points

• Kestra Advisory Services LLC reduced its holdings in Garmin Ltd. by 12.1% in the first quarter, owning 9,140 shares valued at approximately $1.985 million at the end of the period.
• Several other institutional investors have increased their stakes in Garmin, with Brighton Jones LLC raising its stake by 31.3% and Schonfeld Strategic Advisors LLC increasing by 390.2% in the fourth quarter.
• Garmin's stock has seen a price range between $160.94 and $246.50 over the last 12 months, with the most recent quarterly earnings of $2.17 per share exceeding analysts' expectations.

Kestra Advisory Services LLC lowered its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 12.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,140 shares of the scientific and technical instruments company's stock after selling 1,254 shares during the quarter. Kestra Advisory Services LLC's holdings in Garmin were worth $1,985,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TFC Financial Management Inc. increased its position 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 worth $34,000 after purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in Garmin during the 1st quarter worth about $34,000. Zions Bancorporation National Association UT purchased a new stake in Garmin during the 1st quarter worth about $38,000. Garde Capital Inc. purchased a new stake in Garmin during the 1st quarter worth about $40,000. Finally, Olde Wealth Management LLC purchased a new stake in Garmin during the 1st quarter worth about $43,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Trading Up 0.7%

GRMN traded up $1.63 during midday trading on Wednesday, hitting $235.92. The company's stock had a trading volume of 508,643 shares, compared to its average volume of 935,621. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The firm has a market cap of $45.41 billion, a P/E ratio of 29.09, a PEG ratio of 2.66 and a beta of 1.00. The firm has a 50-day moving average price of $225.72 and a two-hundred day moving average price of $211.74.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 EPS. The company's revenue for the quarter was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction dated 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 owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,960 shares of company stock worth $4,376,918. 19.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Barclays reiterated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley lifted their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $222.00.

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.