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

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

Several other hedge funds have also recently made changes to their positions in GRMN. Brighton Jones LLC increased its holdings in shares of Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after purchasing an additional 463 shares during the period. NBC Securities Inc. acquired a new position in shares of Garmin in the first quarter valued at about $57,000. Merit Financial Group LLC increased its holdings in shares of Garmin by 94.5% in the first quarter. Merit Financial Group LLC now owns 12,618 shares of the scientific and technical instruments company’s stock valued at $2,740,000 after purchasing an additional 6,130 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in Garmin by 9.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,986 shares of the scientific and technical instruments company’s stock worth $648,000 after buying an additional 268 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in Garmin by 2.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company’s stock worth $489,000 after buying an additional 59 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction 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 sale, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.38% of the company’s stock.

Wall Street Analyst Weigh In

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

Garmin Stock Down 0.3%

NYSE:GRMN opened at $256.86 on Friday. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $258.51. The stock has a market capitalization of $49.44 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.82 and a beta of 0.98. The stock’s 50-day moving average price is $236.02 and its 200-day moving average price is $214.99.

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 return on equity of 20.00% and a net margin of 23.21%.The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the firm 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. Sell-side analysts expect that Garmin Ltd. will post 7.8 earnings per share 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.