Freedom Investment Management Inc. Lowers Stock Holdings in Garmin Ltd. $GRMN

Freedom Investment Management Inc. reduced its position in shares of Garmin Ltd. (NYSE:GRMN) by 5.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,122 shares of the scientific and technical instruments company’s stock after selling 124 shares during the period. Freedom Investment Management Inc.’s holdings in Garmin were worth $443,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. Groupe la Francaise acquired a new stake in shares of Garmin in the first quarter valued at $33,000. Wayfinding Financial LLC acquired a new stake in shares of Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the first quarter valued at $38,000. Olde Wealth Management LLC acquired a new stake in shares of Garmin in the first quarter valued at $43,000. Finally, SOA Wealth Advisors LLC. raised its stake in shares of Garmin by 27.5% in 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 acquiring an additional 58 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

Garmin stock opened at $250.28 on Friday. Garmin Ltd. has a 1-year low of $161.97 and a 1-year high of $261.69. The stock has a market cap of $48.18 billion, a PE ratio of 30.86, a P/E/G ratio of 2.74 and a beta of 0.98. The stock’s fifty day moving average is $242.57 and its two-hundred day moving average is $220.11.

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 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 company 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 earnings per share. Garmin’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. On average, research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GRMN. JPMorgan Chase & Co. increased their price objective on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Morgan Stanley increased their price objective on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. Tigress Financial increased their price objective on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. Barclays reiterated an “underweight” rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Saturday. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Garmin has an average rating of “Hold” and a consensus price target of $228.75.

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.