Garmin Ltd. $GRMN Shares Sold by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG cut its position in Garmin Ltd. (NYSE:GRMN) by 18.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,079 shares of the scientific and technical instruments company’s stock after selling 2,013 shares during the period. J. Safra Sarasin Holding AG’s holdings in Garmin were worth $1,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Groupe la Francaise acquired a new stake in Garmin during the 1st quarter worth $33,000. TFC Financial Management Inc. boosted its position in 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 acquiring an additional 147 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Garmin during the first quarter worth about $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin during the 1st quarter worth approximately $38,000. Finally, Garde Capital Inc. acquired a new position in shares of Garmin during the 1st quarter worth approximately $40,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

NYSE GRMN opened at $256.86 on Friday. The firm’s 50-day moving average is $236.02 and its two-hundred day moving average is $214.99. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $258.51. The stock has a market capitalization of $49.44 billion, a P/E ratio of 31.67, a PEG ratio of 2.82 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company posted $1.58 earnings per share. Garmin’s revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GRMN shares. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Saturday, September 27th. Tigress Financial boosted their price objective on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Barclays reissued an “underweight” rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Finally, Morgan Stanley boosted their price target on shares of Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Garmin currently has an average rating of “Hold” and an average target price of $228.75.

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.