CWA Asset Management Group LLC Cuts Stock Position in Garmin Ltd. $GRMN

CWA Asset Management Group LLC cut its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 23.7% during the second quarter, Holdings Channel reports. The firm owned 51,468 shares of the scientific and technical instruments company’s stock after selling 16,027 shares during the quarter. CWA Asset Management Group LLC’s holdings in Garmin were worth $10,742,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Garmin by 2.0% during the first quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company’s stock worth $4,000,656,000 after purchasing an additional 357,458 shares during the period. Invesco Ltd. increased its stake in shares of Garmin by 9.0% during the first quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after buying an additional 153,267 shares during the period. AQR Capital Management LLC increased its stake in shares of Garmin by 79.3% during the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after buying an additional 700,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Garmin by 21.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company’s stock worth $262,907,000 after buying an additional 211,731 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Garmin by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 892,606 shares of the scientific and technical instruments company’s stock worth $193,812,000 after buying an additional 2,768 shares during the period. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Trading Up 1.6%

GRMN stock opened at $240.40 on Friday. The company has a market capitalization of $46.27 billion, a P/E ratio of 29.64, a PEG ratio of 2.63 and a beta of 1.00. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The business has a 50 day simple moving average of $233.87 and a 200-day simple moving average of $213.57.

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

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value 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 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cheng-Wei Wang sold 10,202 shares of the 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 completion of the sale, the insider directly owned 36,092 shares of the company’s stock, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays restated an “underweight” rating and set a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Morgan Stanley upped their target price on shares of Garmin from $186.00 to $193.00 and gave the stock an “underweight” rating in a research note on Friday, September 19th. Finally, JPMorgan Chase & Co. upped their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $223.75.

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.