Garmin Ltd. $GRMN Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC lowered its position in shares of Garmin Ltd. (NYSE:GRMN) by 27.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,728 shares of the scientific and technical instruments company’s stock after selling 31,902 shares during the period. Janney Montgomery Scott LLC’s holdings in Garmin were worth $17,684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GRMN. Groupe la Francaise acquired a new position in shares of Garmin during the first quarter worth $33,000. TFC Financial Management Inc. grew its stake in shares of Garmin by 1,633.3% during the first quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after purchasing an additional 147 shares in the last quarter. Wayfinding Financial LLC acquired a new position in Garmin in the first quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new position in Garmin in the first quarter valued at $38,000. Finally, Garde Capital Inc. acquired a new position in Garmin in the first quarter valued at $40,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GRMN shares. Morgan Stanley upped their price objective on shares of Garmin from $186.00 to $193.00 and gave the company an “underweight” rating in a research note on Friday, September 19th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $215.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Barclays restated an “underweight” rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Garmin has a consensus rating of “Hold” and a consensus target price of $228.75.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 10,202 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.38% of the company’s stock.

Garmin Stock Performance

Shares of GRMN opened at $257.61 on Friday. Garmin Ltd. has a fifty-two week low of $160.94 and a fifty-two week high of $258.42. The company has a market capitalization of $49.59 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 2.80 and a beta of 0.98. The firm has a 50-day simple moving average of $235.59 and a 200-day simple moving average of $214.64.

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

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.