Garmin Ltd. $GRMN Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lowered its stake in Garmin Ltd. (NYSE:GRMN) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 422,509 shares of the scientific and technical instruments company’s stock after selling 18,809 shares during the period. Congress Asset Management Co. owned approximately 0.22% of Garmin worth $88,186,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Groupe la Francaise acquired a new position in shares of Garmin in the first quarter valued at approximately $33,000. TFC Financial Management Inc. increased its holdings in shares of Garmin by 1,633.3% in the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Garmin in the first quarter valued at approximately $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the first quarter valued at approximately $38,000. Finally, Garde Capital Inc. acquired a new position in Garmin during the first quarter worth $40,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

Garmin stock opened at $236.49 on Friday. The firm has a market capitalization of $45.52 billion, a price-to-earnings ratio of 29.16, a price-to-earnings-growth ratio of 2.59 and a beta of 1.00. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $246.50. The stock’s fifty day moving average is $233.62 and its two-hundred day moving average is $213.40.

Garmin (NYSE:GRMN) last posted its earnings results 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 company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin’s revenue was up 20.4% compared to the same quarter last year. During the same quarter 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. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction on Wednesday, August 27th. The stock was 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 represents 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 the SEC website. Also, CFO Douglas G. Boessen sold 1,859 shares of the company’s stock in a transaction on Thursday, July 3rd. The shares were 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 owned 29,146 shares in the company, valued at $6,266,390. This represents a 6.00% 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 Analyst Weigh In

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