16,313 Garmin Ltd. $GRMN Shares Sold by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC cut its position in Garmin Ltd. (NYSE:GRMN) by 19.4% during the third quarter, Holdings Channel reports. The firm owned 67,598 shares of the scientific and technical instruments company’s stock after selling 16,313 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Garmin were worth $19,344,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after purchasing an additional 40,474 shares during the period. Bank of America Corp DE boosted its stake in Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after purchasing an additional 549,954 shares during the last quarter. Amundi grew its stake in Garmin by 82.5% during the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock valued at $236,027,000 after acquiring an additional 459,980 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Garmin by 9.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 474,058 shares of the scientific and technical instruments company’s stock valued at $135,979,000 after purchasing an additional 39,077 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of Garmin by 7.0% during the 1st quarter. Swiss National Bank now owns 479,800 shares of the scientific and technical instruments company’s stock worth $111,318,000 after acquiring an additional 31,400 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Friday, September 4th. Barclays lifted their target price on Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Arete Research began coverage on Garmin in a research note on Wednesday, October 14th. They issued a “buy” rating and a $335.00 price target on the stock. Finally, Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $313.71.

Insider Buying and Selling

In other Garmin news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the sale, the insider owned 29,506 shares of the company’s stock, valued at $8,832,916.16. The trade was a 25.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joshua Maxfield sold 1,152 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total transaction of $335,381.76. Following the completion of the transaction, the vice president owned 15,042 shares of the company’s stock, valued at $4,379,177.46. This trade represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,108 shares of company stock valued at $4,808,799 over the last three months. Corporate insiders own 14.80% of the company’s stock.

Garmin Stock Performance

Shares of NYSE GRMN opened at $291.38 on Thursday. The firm has a market cap of $56.19 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 3.25 and a beta of 0.82. The firm’s 50 day moving average price is $284.53 and its 200 day moving average price is $262.59. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $314.28.

Garmin (NYSE:GRMN) last posted its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.17 EPS. As a group, equities analysts predict that Garmin Ltd. will post 10.08 EPS for the current year.

Garmin News Roundup

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Garmin introduced the premium Edge 1060 cycling computer with hands-free voice controls for workout data, navigation and messaging. The launch expands Garmin’s higher-end cycling ecosystem and could support product demand. New Garmin Edge 1060 cycling computer gives cyclists hands-free voice control
• Positive Sentiment: The company also unveiled the Edge Explore 3 and Edge Explore 3 Plus cycling computers, adding maps, ride data, alerts and onboard audio features aimed at recreational cyclists. Garmin Edge Explore 3 cycling computers
• Positive Sentiment: Garmin launched the Tacx Nēra indoor smart trainer, featuring multidirectional movement and power and cadence accuracy within 1%. The product broadens Garmin’s connected fitness offerings and strengthens its position in indoor cycling. Garmin unveils Tacx Nēra
• Neutral Sentiment: Garmin is scheduled to report quarterly earnings on Wednesday. Analysts are looking for approximately $2.73 in quarterly EPS and $10.08 for the full year, making the report a near-term volatility catalyst. Garmin set to release quarterly earnings
• Neutral Sentiment: A comparison with Daktronics characterized Garmin as a value-investing candidate, but the analysis does not represent a new earnings or guidance change. Zacks Research maintains a Hold rating, with full-year EPS projected at $10.08. DAKT or GRMN value comparison
• Negative Sentiment: Exchange-traded funds were reported as net sellers of Garmin on October 16, creating modest technical or flow-related pressure despite the stock’s broader upward momentum. ETFs are net sellers of Garmin

Garmin Company Profile

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.