Trexquant Investment LP Has $1.10 Million Stock Position in Garmin Ltd. $GRMN

Key Points

• Trexquant Investment LP drastically reduced its stake in Garmin Ltd. by 95.9%, selling 118,013 shares and leaving it with only 5,078 shares valued at approximately $1.1 million.
• Several institutional investors, including Vanguard Group Inc. and Invesco Ltd., have increased their positions in Garmin, indicating strong institutional interest in the company.
• Garmin's stock currently has a consensus "Hold" rating from analysts, with a consensus price target set at $222.00, following a recent earnings report that surpassed expectations.

Trexquant Investment LP lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 95.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,078 shares of the scientific and technical instruments company's stock after selling 118,013 shares during the quarter. Trexquant Investment LP's holdings in Garmin were worth $1,103,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in GRMN. Groupe la Francaise acquired a new stake in shares of Garmin during the first quarter worth $33,000. TFC Financial Management Inc. raised its position in shares of Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Garmin during the first quarter worth $34,000. Zions Bancorporation National Association UT purchased a new position in shares of Garmin during the first quarter valued at $38,000. Finally, Garde Capital Inc. purchased a new position in shares of Garmin during the first quarter valued at $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Garmin Trading Up 2.0%

NYSE:GRMN traded up $4.79 during mid-day trading on Thursday, hitting $240.75. 232,022 shares of the company's stock traded hands, compared to its average volume of 931,009. The firm has a 50 day moving average of $229.24 and a two-hundred day moving average of $212.37. The firm has a market capitalization of $46.34 billion, a price-to-earnings ratio of 29.71, a price-to-earnings-growth ratio of 2.62 and a beta of 1.00. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The company's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley boosted their price target on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, Barclays reissued an "underweight" rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. One research 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, Garmin currently has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the 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 directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,960 shares of company stock valued at $4,376,918. Corporate insiders own 15.38% of the company's stock.

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.