Voya Investment Management LLC Has $47.22 Million Holdings in Garmin Ltd. $GRMN

Key Points

• Voya Investment Management LLC has increased its stake in Garmin Ltd. by 123.5%, now owning approximately 217,472 shares valued at $47.22 million as of the end of the first quarter.
• Insider trades have shown a decrease in positions, with insider Cheng-Wei Wang selling over 10,000 shares for approximately $2.37 million, and CFO Douglas G. Boessen selling 1,859 shares valued at $399,685.
• Garmin's recent earnings report revealed an EPS of $2.17, exceeding consensus estimates, with year-over-year revenue growth of 20.4%.

Voya Investment Management LLC boosted its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 123.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 217,472 shares of the scientific and technical instruments company's stock after buying an additional 120,161 shares during the period. Voya Investment Management LLC owned approximately 0.11% of Garmin worth $47,220,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Groupe la Francaise acquired a new position in Garmin in the first quarter valued at $33,000. TFC Financial Management Inc. lifted its holdings in Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after buying an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin in the first quarter valued at $38,000. Finally, Garde Capital Inc. acquired a new position in Garmin in the first quarter valued at $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insiders Place Their Bets

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares of the company's stock, valued at $6,266,390. The trade was a 6.00% 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 Price Performance

NYSE:GRMN opened at $238.07 on Friday. The firm has a 50-day moving average of $230.27 and a 200-day moving average of $212.48. The company has a market cap of $45.83 billion, a PE ratio of 29.36, a PEG ratio of 2.65 and a beta of 1.00. Garmin Ltd. has a one year low of $160.94 and a one year high of $246.50.

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, topping the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GRMN. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley lifted their price target on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, Barclays reaffirmed an "underweight" rating and issued a $167.00 price target (up 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 assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $222.00.

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.

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