Garmin Ltd. $GRMN Shares Sold by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC reduced its position in Garmin Ltd. by 46.8% during the second quarter, selling 4,458 shares and holding 5,058 shares valued at $1,056,000 by the end of the reporting period.
• Garmin reported $2.17 EPS for the quarter, surpassing estimates of $1.90, while revenue rose 20.4% year-over-year to $1.81 billion.
• Analysts have set new price targets for Garmin, ranging from $167.00 to $250.00, with the stock currently holding an average rating of "Hold" and a target price of $222.00.

Pallas Capital Advisors LLC decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 46.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,058 shares of the scientific and technical instruments company's stock after selling 4,458 shares during the quarter. Pallas Capital Advisors LLC's holdings in Garmin were worth $1,056,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Garmin by 7.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock worth $163,000 after buying an additional 52 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in Garmin by 2.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after acquiring an additional 59 shares during the period. Harbour Investments Inc. raised its holdings in Garmin by 31.8% in the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock valued at $58,000 after acquiring an additional 64 shares during the last quarter. Moody National Bank Trust Division raised its holdings in Garmin by 2.4% in the 1st quarter. Moody National Bank Trust Division now owns 3,015 shares of the scientific and technical instruments company's stock valued at $655,000 after acquiring an additional 72 shares during the last quarter. Finally, FSM Wealth Advisors LLC lifted its stake in shares of Garmin by 5.1% during the 1st quarter. FSM Wealth Advisors LLC now owns 1,497 shares of the scientific and technical instruments company's stock worth $325,000 after purchasing an additional 72 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Up 0.5%

Shares of NYSE GRMN traded up $1.15 during midday trading on Monday, hitting $236.27. The stock had a trading volume of 869,407 shares, compared to its average volume of 937,170. The company has a market capitalization of $45.48 billion, a price-to-earnings ratio of 29.13, a PEG ratio of 2.58 and a beta of 1.00. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The company has a fifty day moving average price of $232.66 and a 200 day moving average price of $212.92.

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 analysts' consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company earned $1.58 EPS. The company's revenue 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, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

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 transaction of $2,371,760.96. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $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.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. JPMorgan Chase & Co. lifted 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. Morgan Stanley lifted their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday. Finally, Barclays reiterated an "underweight" rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.