Prospera Financial Services Inc Trims Stake in Garmin Ltd. $GRMN

Prospera Financial Services Inc lowered its position in Garmin Ltd. (NYSE:GRMN) by 27.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,008 shares of the scientific and technical instruments company’s stock after selling 1,941 shares during the quarter. Prospera Financial Services Inc’s holdings in Garmin were worth $1,045,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC increased its position in shares of Garmin by 18.7% in the first quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company’s stock worth $1,858,000 after purchasing an additional 1,347 shares during the last quarter. Andra AP fonden grew its stake in Garmin by 87.2% in the 2nd quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after buying an additional 31,200 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Garmin by 4.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after buying an additional 4,943 shares in the last quarter. EFG Asset Management North America Corp. increased its holdings in shares of Garmin by 35.1% in the 2nd quarter. EFG Asset Management North America Corp. now owns 13,008 shares of the scientific and technical instruments company’s stock worth $2,714,000 after buying an additional 3,383 shares during the last quarter. Finally, Atlantic Union Bankshares Corp increased its holdings in shares of Garmin by 5.5% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock worth $9,400,000 after buying an additional 2,340 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

Garmin Trading Down 0.7%

Shares of NYSE:GRMN opened at $198.35 on Thursday. The stock has a market capitalization of $38.15 billion, a P/E ratio of 24.43, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. The stock’s 50-day moving average price is $236.92 and its 200-day moving average price is $222.27. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting the consensus estimate of $1.99. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the prior year, the business posted $1.99 EPS. Garmin’s quarterly revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider owned 36,092 shares of the company’s stock, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GRMN shares. Barclays lifted their price objective on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial upped their price objective on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. Morgan Stanley increased their price objective on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $239.50.

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.