Garmin Ltd. $GRMN Stock: Foster Victor Wealth Advisors LLC Reduces Holdings

Foster Victor Wealth Advisors LLC trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 19.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,598 shares of the scientific and technical instruments company’s stock after selling 16,313 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Garmin were worth $19,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of GRMN. Elevation Wealth Partners LLC grew its position in Garmin by 336.4% in the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 74 shares during the period. Groupe la Francaise boosted its stake in shares of Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock worth $29,000 after buying an additional 97 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of Garmin by 216.2% during the third quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock valued at $34,000 after acquiring an additional 80 shares during the last quarter. Archer Investment Corp bought a new position in Garmin during the first quarter valued at about $37,000. Finally, Ninety One UK Ltd bought a new position in shares of Garmin during the 3rd quarter valued at approximately $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GRMN shares. Morgan Stanley upped their price target on shares of Garmin from $249.00 to $289.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Arete Research began coverage on Garmin in a research note on Wednesday, October 14th. They issued a “buy” rating and a $335.00 target price on the stock. KeyCorp reiterated a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th. Finally, UBS Group set a $370.00 target price on shares of Garmin in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $313.71.

Garmin Price Performance

Garmin stock opened at $291.38 on Thursday. The business’s fifty day moving average is $284.53 and its 200 day moving average is $262.59. The stock has a market capitalization of $56.19 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 3.25 and a beta of 0.82. Garmin Ltd. has a one year low of $186.67 and a one year high of $314.28.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.51. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%. Garmin’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 earnings per share. As a group, sell-side analysts expect that Garmin Ltd. will post 10.08 EPS for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, VP Joshua Maxfield sold 1,152 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total transaction of $335,381.76. Following the completion of the transaction, the vice president owned 15,042 shares in the company, valued at $4,379,177.46. This trade represents a 7.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Cheng-Wei Wang sold 9,941 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the sale, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 16,108 shares of company stock worth $4,808,799 over the last 90 days. Company insiders own 14.80% of the company’s stock.

Garmin News Summary

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Garmin introduced the premium Edge 1060 cycling computer with hands-free voice controls for workout data, navigation and messaging. The launch expands Garmin’s higher-end cycling ecosystem and could support product demand. New Garmin Edge 1060 cycling computer gives cyclists hands-free voice control
• Positive Sentiment: The company also unveiled the Edge Explore 3 and Edge Explore 3 Plus cycling computers, adding maps, ride data, alerts and onboard audio features aimed at recreational cyclists. Garmin Edge Explore 3 cycling computers
• Positive Sentiment: Garmin launched the Tacx Nēra indoor smart trainer, featuring multidirectional movement and power and cadence accuracy within 1%. The product broadens Garmin’s connected fitness offerings and strengthens its position in indoor cycling. Garmin unveils Tacx Nēra
• Neutral Sentiment: Garmin is scheduled to report quarterly earnings on Wednesday. Analysts are looking for approximately $2.73 in quarterly EPS and $10.08 for the full year, making the report a near-term volatility catalyst. Garmin set to release quarterly earnings
• Neutral Sentiment: A comparison with Daktronics characterized Garmin as a value-investing candidate, but the analysis does not represent a new earnings or guidance change. Zacks Research maintains a Hold rating, with full-year EPS projected at $10.08. DAKT or GRMN value comparison
• Negative Sentiment: Exchange-traded funds were reported as net sellers of Garmin on October 16, creating modest technical or flow-related pressure despite the stock’s broader upward momentum. ETFs are net sellers of Garmin

Garmin Profile

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.