Park Avenue Securities LLC Lowers Position in Garmin Ltd. $GRMN

Key Points

• Park Avenue Securities LLC has reduced its stake in Garmin Ltd. by 20.5%, now owning 9,805 shares valued at approximately $2.05 million after selling 2,523 shares in the second quarter.
• Several institutional investors, including Brighton Jones LLC and Wealth Enhancement Advisory Services LLC, have increased their positions in Garmin, contributing to a total of 81.60% of the stock being owned by hedge funds and other institutional investors.
• Garmin's recent earnings report showed a 20.4% increase in quarterly revenue compared to the previous year, along with an EPS of $2.17, surpassing analysts' expectations.

Park Avenue Securities LLC decreased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 20.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,805 shares of the scientific and technical instruments company's stock after selling 2,523 shares during the quarter. Park Avenue Securities LLC's holdings in Garmin were worth $2,047,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after acquiring an additional 463 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Garmin in the fourth quarter worth $39,748,000. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Garmin during the 4th quarter valued at $10,174,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Garmin by 165.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 61,172 shares of the scientific and technical instruments company's stock valued at $12,617,000 after buying an additional 38,151 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Garmin by 10.0% during the 4th quarter. Wellington Management Group LLP now owns 18,281 shares of the scientific and technical instruments company's stock valued at $3,771,000 after buying an additional 1,669 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday, September 19th. JPMorgan Chase & Co. increased 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. Finally, 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. 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.com, the stock has an average rating of "Hold" and a consensus target price of $223.75.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred 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 in the company, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Cheng-Wei Wang sold 10,202 shares of Garmin 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 transaction, the insider owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.38% of the company's stock.

Garmin Price Performance

NYSE GRMN opened at $236.35 on Thursday. Garmin Ltd. has a 1-year low of $160.94 and a 1-year high of $246.50. The business has a 50 day simple moving average of $233.39 and a two-hundred day simple moving average of $213.25. The stock has a market capitalization of $45.49 billion, a PE ratio of 29.14, a P/E/G ratio of 2.60 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 EPS for the quarter, beating 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 firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the company earned $1.58 EPS. The company's quarterly revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin 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.

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