Wedge Capital Management L L P NC Cuts Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Wedge Capital Management reduced its stake in Garmin Ltd. by 1.6% during Q2, owning approximately 178,340 shares valued at $37.2 million.
• Garmin's stock fell by 0.9%, closing at $235.10, with a market cap of $45.25 billion and a P/E ratio of 28.99.
• Garmin reported Q2 earnings with an EPS of $2.17, beating estimates, and its revenue was up 20.4% year-over-year at $1.81 billion.

Wedge Capital Management L L P NC lessened its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 178,340 shares of the scientific and technical instruments company's stock after selling 2,944 shares during the quarter. Wedge Capital Management L L P NC owned about 0.09% of Garmin worth $37,223,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its position in shares of Garmin by 31.3% during the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares during the period. Vident Advisory LLC increased its position in Garmin by 3.7% in the 4th quarter. Vident Advisory LLC now owns 6,916 shares of the scientific and technical instruments company's stock worth $1,427,000 after purchasing an additional 246 shares during the last quarter. Woodline Partners LP increased its position in Garmin by 677.5% in the 4th quarter. Woodline Partners LP now owns 9,260 shares of the scientific and technical instruments company's stock worth $1,910,000 after purchasing an additional 8,069 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new position in Garmin in the 4th quarter worth about $922,000. Finally, Waverly Advisors LLC acquired a new position in shares of Garmin during the 4th quarter valued at about $231,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on GRMN shares. JPMorgan Chase & Co. increased 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. Barclays reissued an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, Morgan Stanley raised their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $223.75.

Garmin Stock Up 0.2%

Garmin stock traded up $0.42 during trading hours on Tuesday, reaching $236.80. 218,944 shares of the company's stock were exchanged, compared to its average volume of 934,177. The firm's 50 day simple moving average is $232.66 and its 200 day simple moving average is $212.92. The firm has a market capitalization of $45.58 billion, a PE ratio of 29.23, a PEG ratio of 2.58 and a beta of 1.00. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50.

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 (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 business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business earned $1.58 EPS. The company's quarterly 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 anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

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 transaction of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares of the company's stock, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

About Garmin

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.