Garmin Ltd. $GRMN Stock Holdings Decreased by Convergence Investment Partners LLC

Convergence Investment Partners LLC reduced its position in Garmin Ltd. (NYSE:GRMN) by 16.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,211 shares of the scientific and technical instruments company’s stock after selling 1,764 shares during the period. Convergence Investment Partners LLC’s holdings in Garmin were worth $1,922,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in GRMN. Brighton Jones LLC increased 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 worth $401,000 after acquiring an additional 463 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Garmin by 15.8% in the first quarter. GAMMA Investing LLC now owns 4,078 shares of the scientific and technical instruments company’s stock worth $885,000 after acquiring an additional 557 shares in the last quarter. Golden State Wealth Management LLC increased its position in shares of Garmin by 255.2% in the first quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company’s stock worth $96,000 after acquiring an additional 319 shares in the last quarter. Perigon Wealth Management LLC increased its position in shares of Garmin by 25.2% in the first quarter. Perigon Wealth Management LLC now owns 2,323 shares of the scientific and technical instruments company’s stock worth $504,000 after acquiring an additional 467 shares in the last quarter. Finally, Diversified Trust Co increased its position in shares of Garmin by 58.5% in the first quarter. Diversified Trust Co now owns 5,643 shares of the scientific and technical instruments company’s stock worth $1,225,000 after acquiring an additional 2,082 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Up 0.0%

NYSE GRMN opened at $250.28 on Monday. The stock has a market capitalization of $48.18 billion, a PE ratio of 30.86, a price-to-earnings-growth ratio of 2.74 and a beta of 0.98. The company has a 50 day moving average price of $242.57 and a two-hundred day moving average price of $220.30. Garmin Ltd. has a 12-month low of $161.97 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.27. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company’s revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.58 earnings per share. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. As a group, equities analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GRMN shares. Barclays reaffirmed an “underweight” rating and set a $167.00 price objective (up from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. Tigress Financial boosted their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Saturday. Morgan Stanley boosted their price objective on shares of Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research report on Friday, September 19th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. One investment 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $228.75.

Insider Transactions at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,202 shares of Garmin stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.54% of the stock is owned by company insiders.

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.