NorthCrest Asset Manangement LLC Sells 1,137 Shares of Garmin Ltd. $GRMN

Key Points

• NorthCrest Asset Management LLC reduced its stake in Garmin Ltd. by 47.7%, selling 1,137 shares during the second quarter, leaving them with just 1,249 shares valued at $268,000.
• Analysts have mixed ratings on Garmin, with JPMorgan Chase increasing their target price to $250 while Barclays set a lower target at $167, reflecting varied investor sentiment.
• Garmin reported a 20.4% increase in quarterly revenue compared to the previous year, achieving $1.81 billion and exceeding analysts' expectations for both revenue and earnings per share.

NorthCrest Asset Manangement LLC reduced its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 47.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,249 shares of the scientific and technical instruments company's stock after selling 1,137 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Garmin were worth $268,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Groupe la Francaise bought a new stake in Garmin in the first quarter valued at $33,000. TFC Financial Management Inc. boosted its holdings in Garmin by 1,633.3% in 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 in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Garmin during the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT bought a new stake in Garmin during the 1st quarter valued at $38,000. Finally, Garde Capital Inc. bought a new position in Garmin in the 1st quarter valued at about $40,000. 81.60% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction 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 owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 19.54% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GRMN. Barclays reaffirmed an "underweight" rating and set a $167.00 price target (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Morgan Stanley increased their price target on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $223.75.

Garmin Price Performance

Garmin stock traded up $1.15 during trading hours on Monday, reaching $236.27. The stock had a trading volume of 869,407 shares, compared to its average volume of 937,170. The company has a fifty day simple moving average of $232.66 and a 200-day simple moving average of $212.92. 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 $45.48 billion, a PE ratio of 29.13, a PEG ratio of 2.58 and a beta of 1.00.

Garmin (NYSE:GRMN - Get Free Report) last posted 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. 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 analysts' expectations of $1.68 billion. During the same period last year, the firm earned $1.58 earnings per share. Garmin's quarterly revenue was up 20.4% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal 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.