Prime Capital Investment Advisors LLC Sells 3,498 Shares of Garmin Ltd. $GRMN

Key Points

• Prime Capital Investment Advisors LLC reduced its stake in Garmin Ltd. by 48.4%, selling 3,498 shares and ending with 3,736 shares valued at $780,000.
• AQR Capital Management boosted its holdings in Garmin by 79.3%, now owning 1,585,170 shares worth approximately $340.57 million.
• JPMorgan Chase & Co. raised its price objective for Garmin from $215.00 to $250.00 while maintaining a "neutral" rating, reflecting positive analyst sentiment on the stock.

Prime Capital Investment Advisors LLC cut its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 48.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,736 shares of the scientific and technical instruments company's stock after selling 3,498 shares during the period. Prime Capital Investment Advisors LLC's holdings in Garmin were worth $780,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC grew its holdings in Garmin by 79.3% during the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock valued at $340,574,000 after purchasing an additional 700,967 shares during the last quarter. Nuveen LLC acquired a new position in Garmin during the 1st quarter worth $78,900,000. Vanguard Group Inc. lifted its position in Garmin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after acquiring an additional 357,458 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Garmin by 21.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock worth $262,907,000 after acquiring an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new position in shares of Garmin in the first quarter worth about $40,322,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. 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 note on Thursday, July 17th. Morgan Stanley increased their price objective on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research report on Friday, September 19th. Barclays reissued an "underweight" rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research note on Wednesday. Finally, Tigress Financial upped their target price on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $228.75.

Garmin Stock Performance

Shares of Garmin stock opened at $256.60 on Friday. The firm has a market cap of $49.39 billion, a P/E ratio of 31.64, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. Garmin Ltd. has a twelve month low of $160.95 and a twelve month high of $261.69. The firm's 50-day simple moving average is $238.31 and its 200-day simple moving average is $216.29.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 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 analysts' expectations of $1.68 billion. During the same quarter last year, the company earned $1.58 earnings per share. The company's revenue for the quarter 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, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated 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 completion of the transaction, the insider directly owned 36,092 shares of the company's stock, valued at $8,390,668.16. This trade represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.38% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.