Congress Asset Management Co. Reduces Holdings in Garmin Ltd. $GRMN

Congress Asset Management Co. lowered its position in shares of Garmin Ltd. (NYSE:GRMN) by 10.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 377,431 shares of the scientific and technical instruments company’s stock after selling 45,078 shares during the period. Congress Asset Management Co. owned approximately 0.20% of Garmin worth $92,931,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Garmin in the second quarter worth approximately $410,304,000. Vanguard Group Inc. lifted its stake in shares of Garmin by 6.9% in the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after purchasing an additional 1,273,163 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock worth $340,574,000 after purchasing an additional 700,967 shares during the period. Amundi increased its position in shares of Garmin by 138.0% during the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock worth $247,255,000 after purchasing an additional 671,859 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its position in shares of Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock worth $1,229,810,000 after purchasing an additional 356,161 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Performance

Shares of GRMN stock opened at $201.41 on Friday. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The company has a 50 day moving average price of $212.64 and a 200 day moving average price of $222.30. The stock has a market capitalization of $38.74 billion, a P/E ratio of 24.80, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business earned $1.99 EPS. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,485 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the sale, the chief financial officer owned 28,916 shares in the company, valued at $5,964,214.16. This represents a 7.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer owned 135,180 shares of the company’s stock, valued at $27,878,171.40. The trade was a 7.16% decrease in their position. The SEC filing for this sale provides additional information. 15.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on GRMN shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Wednesday, October 8th. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Friday. Morgan Stanley upped their price objective on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a report on Wednesday, December 3rd. Finally, Barclays boosted their target price on Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $242.60.

Garmin Company Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.