Flagship Harbor Advisors LLC Sells 62 Shares of Garmin Ltd. $GRMN

Flagship Harbor Advisors LLC lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 2.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,246 shares of the scientific and technical instruments company’s stock after selling 62 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Garmin were worth $469,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Quaker Wealth Management LLC raised its stake 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 bought a new position in shares of Garmin during the 1st quarter worth approximately $33,000. Wayfinding Financial LLC bought a new position in shares of Garmin during the 1st quarter worth approximately $34,000. Zions Bancorporation National Association UT bought a new position in shares of Garmin during the 1st quarter worth approximately $38,000. Finally, Olde Wealth Management LLC bought a new position in shares of Garmin during the 1st quarter worth approximately $43,000. Institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on GRMN. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $215.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday. Barclays upped their price target on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research note on Thursday. Finally, Tigress Financial upped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $239.50.

Garmin Price Performance

GRMN stock opened at $213.96 on Friday. The firm’s fifty day simple moving average is $242.32 and its 200-day simple moving average is $221.46. The company has a market capitalization of $41.19 billion, a P/E ratio of 26.35, a price-to-earnings-growth ratio of 2.41 and a beta of 0.98. Garmin Ltd. has a 12 month low of $169.26 and a 12 month high of $261.69.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, meeting the consensus estimate of $1.99. The business 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 business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.99 EPS. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the company’s stock in a transaction 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 sale, the insider directly owned 36,092 shares of the company’s stock, valued at $8,390,668.16. This represents a 22.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.38% of the stock is owned by company insiders.

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.