Rafferty Asset Management LLC Reduces Stock Position in Garmin Ltd. $GRMN

Rafferty Asset Management LLC reduced its position in shares of Garmin Ltd. (NYSE:GRMN) by 22.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,136 shares of the scientific and technical instruments company’s stock after selling 3,145 shares during the period. Rafferty Asset Management LLC’s holdings in Garmin were worth $2,418,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Garmin by 2.0% in the 1st 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. lifted its position in shares of Garmin by 9.0% in the 1st quarter. Invesco Ltd. now owns 1,862,153 shares of the scientific and technical instruments company’s stock worth $404,329,000 after purchasing an additional 153,267 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Garmin by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company’s stock worth $206,074,000 after purchasing an additional 135,135 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Garmin by 0.3% in the 1st 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 purchasing an additional 2,768 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Garmin by 25,047.9% in the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company’s stock worth $192,259,000 after purchasing an additional 881,935 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GRMN has been the subject of several research analyst reports. Morgan Stanley raised their target price on shares of Garmin from $172.00 to $186.00 and gave the stock an “underweight” rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Finally, Barclays reiterated an “underweight” rating and issued a $167.00 price target (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $222.00.

Garmin Price Performance

Shares of Garmin stock opened at $242.01 on Friday. The company has a 50-day moving average of $224.34 and a 200 day moving average of $211.36. The firm has a market cap of $46.59 billion, a price-to-earnings ratio of 29.84, a PEG ratio of 2.66 and a beta of 0.99. Garmin Ltd. has a 1 year low of $160.94 and a 1 year high of $246.50.

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

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the firm’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total transaction of $399,685.00. Following the completion of the sale, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 19,960 shares of company stock worth $4,376,918. 15.38% of the stock is owned by corporate insiders.

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.