Westmount Partners LLC Sells 809 Shares of Garmin Ltd. $GRMN

Westmount Partners LLC lowered its stake in shares of Garmin Ltd. (NYSE:GRMN) by 34.2% in the second quarter, Holdings Channel reports. The firm owned 1,554 shares of the scientific and technical instruments company’s stock after selling 809 shares during the period. Westmount Partners LLC’s holdings in Garmin were worth $324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of GRMN. Brighton Jones LLC boosted its position in shares of Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after acquiring an additional 463 shares during the period. Focus Partners Wealth boosted its position in shares of Garmin by 44.9% in the fourth quarter. Focus Partners Wealth now owns 4,507 shares of the scientific and technical instruments company’s stock valued at $954,000 after acquiring an additional 1,397 shares during the period. Janus Henderson Group PLC boosted its position in shares of Garmin by 15.5% in the fourth quarter. Janus Henderson Group PLC now owns 22,596 shares of the scientific and technical instruments company’s stock valued at $4,662,000 after acquiring an additional 3,032 shares during the period. Nomura Holdings Inc. bought a new stake in shares of Garmin in the fourth quarter valued at approximately $1,045,000. Finally, Rafferty Asset Management LLC boosted its position in shares of Garmin by 12.8% in the fourth quarter. Rafferty Asset Management LLC now owns 14,281 shares of the scientific and technical instruments company’s stock valued at $2,946,000 after acquiring an additional 1,619 shares during the period. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of the 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 represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the transaction, the chief financial officer owned 29,146 shares of the company’s stock, 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. Corporate insiders own 19.54% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GRMN shares. Barclays reissued an “underweight” rating and issued a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Morgan Stanley upped their target price on Garmin from $172.00 to $186.00 and gave the company an “underweight” rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $222.00.

Garmin Price Performance

Garmin stock opened at $235.92 on Tuesday. The stock has a fifty day moving average price of $230.70 and a two-hundred day moving average price of $212.45. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The firm has a market capitalization of $45.41 billion, a P/E ratio of 29.09, a P/E/G ratio of 2.62 and a beta of 1.00.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.27. Garmin had a return on equity of 20.00% and a net margin of 23.21%.The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, 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.