Voya Investment Management LLC Cuts Holdings in Garmin Ltd. $GRMN

Voya Investment Management LLC trimmed its position in Garmin Ltd. (NYSE:GRMN) by 2.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 246,988 shares of the scientific and technical instruments company’s stock after selling 6,269 shares during the quarter. Voya Investment Management LLC owned about 0.13% of Garmin worth $60,813,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quaker Wealth Management LLC raised its holdings in shares of Garmin by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock worth $28,000 after acquiring an additional 264 shares in the last quarter. Groupe la Francaise purchased a new stake in Garmin during the first quarter valued at $33,000. Newbridge Financial Services Group Inc. lifted its position in Garmin by 96.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 123 shares during the last quarter. SOA Wealth Advisors LLC. grew its stake in shares of Garmin by 27.5% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 269 shares of the scientific and technical instruments company’s stock worth $56,000 after buying an additional 58 shares in the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of Garmin during the 2nd quarter valued at about $67,000. 81.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on GRMN. Morgan Stanley lifted their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price on the stock in a research report on Wednesday, December 3rd. Barclays raised their price target on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Friday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $242.60.

Garmin Price Performance

Shares of GRMN stock opened at $201.41 on Friday. The company has a market capitalization of $38.74 billion, a P/E ratio of 24.80, a P/E/G ratio of 2.29 and a beta of 1.01. The company’s 50-day simple moving average is $212.64 and its two-hundred day simple moving average is $222.18. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.99. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. Garmin had a return on equity of 19.42% and a net margin of 22.63%.Garmin’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, research analysts expect that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Transactions at Garmin

In other news, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the sale, the chief executive officer owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,485 shares of Garmin stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. The trade was a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 15.38% of the stock is owned by corporate insiders.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.