Lbp Am Sa Sells 10,733 Shares of Garmin Ltd. $GRMN

Key Points

• Lbp Am Sa reduced its stake in Garmin Ltd. by 71%, selling 10,733 shares and owning 4,375 shares valued at $913,000 after the sale.
• Research analysts have mixed opinions on Garmin, with Barclays maintaining an "underweight" rating while Tigress Financial upgraded their rating to "strong-buy" and raised the price target significantly.
• Garmin reported $2.17 EPS for the latest quarter, exceeding estimates, with a revenue increase of 20.4% year-over-year, and set guidance of 8.000-8.000 EPS for FY 2025.

Lbp Am Sa lessened its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 71.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,375 shares of the scientific and technical instruments company's stock after selling 10,733 shares during the quarter. Lbp Am Sa's holdings in Garmin were worth $913,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kestra Private Wealth Services LLC grew its holdings in Garmin by 18.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock valued at $1,858,000 after buying an additional 1,347 shares in the last quarter. Concurrent Investment Advisors LLC grew its holdings in Garmin by 23.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock valued at $500,000 after buying an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Garmin by 46.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock valued at $19,480,000 after buying an additional 28,543 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Garmin by 7.2% during the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock valued at $16,368,000 after buying an additional 5,089 shares in the last quarter. Finally, First Hawaiian Bank purchased a new position in Garmin during the 1st quarter valued at about $1,649,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

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

Garmin Price Performance

Shares of GRMN opened at $257.61 on Friday. The firm has a market cap of $49.59 billion, a P/E ratio of 31.76, a P/E/G ratio of 2.80 and a beta of 0.98. The stock has a 50 day simple moving average of $235.59 and a two-hundred day simple moving average of $214.64. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $258.42.

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 the consensus estimate of $1.90 by $0.27. The business 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%.Garmin's revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was 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 represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 15.38% of the stock is currently owned by corporate insiders.

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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