Metis Global Partners LLC Lowers Holdings in Garmin Ltd. $GRMN

Metis Global Partners LLC lowered its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 8.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 10,524 shares of the scientific and technical instruments company’s stock after selling 985 shares during the period. Metis Global Partners LLC’s holdings in Garmin were worth $2,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Kestra Private Wealth Services LLC increased its holdings in shares of Garmin by 18.7% in the 1st 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 buying an additional 1,347 shares during the last quarter. Andra AP fonden grew its position in Garmin by 87.2% in the second quarter. Andra AP fonden now owns 67,000 shares of the scientific and technical instruments company’s stock worth $13,984,000 after acquiring an additional 31,200 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Garmin by 4.2% during the second quarter. First Horizon Advisors Inc. now owns 121,552 shares of the scientific and technical instruments company’s stock worth $25,370,000 after acquiring an additional 4,943 shares during the last quarter. EFG Asset Management North America Corp. increased its stake in Garmin by 35.1% during the second 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 acquiring an additional 3,383 shares during the last quarter. Finally, Atlantic Union Bankshares Corp raised its position in Garmin by 5.5% during the second quarter. Atlantic Union Bankshares Corp now owns 45,036 shares of the scientific and technical instruments company’s stock valued at $9,400,000 after purchasing an additional 2,340 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Garmin

In related 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 value of $2,371,760.96. Following the transaction, the insider owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on GRMN shares. Morgan Stanley lifted their target price on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Barclays lifted their price objective on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Tigress Financial increased their target price on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. 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 report on Thursday, July 17th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $239.50.

Garmin Trading Down 1.5%

NYSE:GRMN opened at $200.91 on Monday. The company has a market cap of $38.64 billion, a price-to-earnings ratio of 24.74, a price-to-earnings-growth ratio of 2.41 and a beta of 1.01. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The stock has a fifty day simple moving average of $239.16 and a 200-day simple moving average of $222.41.

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

About Garmin

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.