MV Capital Management Inc. Decreases Stock Position in Garmin Ltd. $GRMN

MV Capital Management Inc. lowered its position in Garmin Ltd. (NYSE:GRMN) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,715 shares of the scientific and technical instruments company’s stock after selling 292 shares during the quarter. MV Capital Management Inc.’s holdings in Garmin were worth $3,071,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Quaker Wealth Management LLC grew its position in shares of Garmin by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 264 shares in the last quarter. Groupe la Francaise bought a new stake in shares of Garmin in the 1st quarter valued at approximately $33,000. Zions Bancorporation National Association UT acquired a new position in Garmin in the first quarter worth $38,000. SOA Wealth Advisors LLC. increased its stake in Garmin by 27.5% during the second quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock valued at $56,000 after purchasing an additional 58 shares during the last quarter. Finally, Harbour Investments Inc. raised its holdings in shares of Garmin by 31.8% during the first quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company’s stock worth $58,000 after purchasing an additional 64 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Down 0.7%

Shares of NYSE:GRMN opened at $198.35 on Thursday. The firm has a market cap of $38.15 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 2.41 and a beta of 1.01. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The business has a fifty day simple moving average of $236.92 and a 200 day simple moving average of $222.27.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, hitting the consensus estimate of $1.99. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the firm’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 transaction, the insider owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

GRMN has been the subject of a number of recent research reports. Tigress Financial upped 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, September 30th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective 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 boosted their target price on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Morgan Stanley raised their price target on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $239.50.

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.