Select Equity Group L.P. Sells 439,299 Shares of Garmin Ltd. $GRMN

Key Points

• Select Equity Group L.P. reduced its holdings in Garmin Ltd. by 43.5%, owning 569,725 shares valued at approximately $123.70 million after selling 439,299 shares in the first quarter.
• Garmin reported a 20.4% year-over-year increase in revenue to $1.81 billion and exceeded EPS estimates with $2.17 for the quarter.
• In recent analyst coverage, JPMorgan boosted Garmin's price target from $215.00 to $250.00, maintaining a "neutral" rating on the stock.

Select Equity Group L.P. lessened its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 43.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 569,725 shares of the scientific and technical instruments company's stock after selling 439,299 shares during the period. Select Equity Group L.P. owned 0.30% of Garmin worth $123,704,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of GRMN. Brighton Jones LLC lifted its stake in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock valued at $401,000 after purchasing an additional 463 shares during the period. Cetera Investment Advisers lifted its stake in Garmin by 28.7% in the fourth quarter. Cetera Investment Advisers now owns 27,575 shares of the scientific and technical instruments company's stock valued at $5,688,000 after buying an additional 6,145 shares during the period. CoreCap Advisors LLC grew its position in shares of Garmin by 7.4% during the 4th quarter. CoreCap Advisors LLC now owns 2,545 shares of the scientific and technical instruments company's stock worth $525,000 after buying an additional 175 shares during the period. Colonial Trust Co SC increased its stake in shares of Garmin by 31.0% in the 4th quarter. Colonial Trust Co SC now owns 351 shares of the scientific and technical instruments company's stock valued at $72,000 after acquiring an additional 83 shares during the last quarter. Finally, Deutsche Bank AG raised its position in shares of Garmin by 5.3% in the 4th quarter. Deutsche Bank AG now owns 506,675 shares of the scientific and technical instruments company's stock valued at $104,507,000 after acquiring an additional 25,640 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer directly owned 141,626 shares in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,960 shares of company stock worth $4,376,918 in the last 90 days. Company insiders own 19.54% of the company's stock.

Garmin Trading Down 0.9%

Shares of Garmin stock traded down $2.23 on Wednesday, reaching $236.27. 852,954 shares of the company were exchanged, compared to its average volume of 935,175. The company has a market capitalization of $45.48 billion, a price-to-earnings ratio of 29.13, a PEG ratio of 2.63 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50. The company has a 50-day moving average of $229.24 and a 200 day moving average of $212.37.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the firm earned $1.58 EPS. The business'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. Analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GRMN shares. Barclays restated an "underweight" rating and set a $167.00 price objective (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Morgan Stanley upped their price objective on Garmin from $172.00 to $186.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Garmin has a consensus rating of "Hold" and an average price target of $222.00.

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.