Graham Capital Management L.P. Sells 11,060 Shares of Garmin Ltd. $GRMN

Graham Capital Management L.P. lowered its stake in Garmin Ltd. (NYSE:GRMN) by 56.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,697 shares of the scientific and technical instruments company’s stock after selling 11,060 shares during the quarter. Graham Capital Management L.P.’s holdings in Garmin were worth $1,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of GRMN. Groupe la Francaise bought a new position in Garmin in the first quarter valued at approximately $33,000. TFC Financial Management Inc. lifted its stake 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 in the last quarter. Wayfinding Financial LLC bought a new position in Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT bought a new position in Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. bought a new position in Garmin in the first quarter valued at approximately $40,000. Institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Barclays reissued an “underweight” rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley boosted their price objective on shares of Garmin from $172.00 to $186.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. 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 company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $222.00.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company’s stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the sale, the chief financial officer directly owned 29,146 shares of the company’s stock, valued at approximately $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the company’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer directly owned 141,626 shares in the company, valued at $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. Over the last three months, insiders have sold 19,960 shares of company stock valued at $4,376,918. 19.54% of the stock is currently owned by corporate insiders.

Garmin Trading Up 0.4%

NYSE GRMN opened at $242.01 on Tuesday. The firm’s fifty day moving average price is $225.14 and its two-hundred day moving average price is $211.58. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50. The firm has a market capitalization of $46.59 billion, a P/E ratio of 29.84, a price-to-earnings-growth ratio of 2.66 and a beta of 1.00.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.68 billion. During the same period in the prior year, the firm posted $1.58 earnings per share. The company’s quarterly revenue 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, research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

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.