Freedom Investment Management Inc. Cuts 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, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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.

Other large investors also recently bought and sold shares of the company. Groupe la Francaise purchased a new stake in Garmin during the 1st quarter worth approximately $33,000. Wayfinding Financial LLC purchased a new stake in Garmin during the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT purchased a new stake in Garmin during the 1st quarter worth approximately $38,000. Olde Wealth Management LLC purchased a new stake in Garmin during the 1st quarter worth approximately $43,000. Finally, Harbour Investments Inc. increased its stake in Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company’s stock worth $58,000 after buying an additional 64 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 15.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GRMN has been the subject of several recent research reports. Tigress Financial increased their price target on Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a report on Tuesday, September 30th. Morgan Stanley increased their price target on Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a report on Friday, September 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Saturday. Barclays reaffirmed an “underweight” rating and issued a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their price target on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. One equities research 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $228.75.

Garmin Stock Performance

Shares of Garmin stock opened at $250.28 on Friday. The firm has a market capitalization of $48.18 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 2.74 and a beta of 0.98. Garmin Ltd. has a fifty-two week low of $161.97 and a fifty-two week high of $261.69. The stock has a 50 day moving average of $242.57 and a 200 day moving average of $220.11.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share 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 return on equity of 20.00% and a net margin of 23.21%.The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

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.