Congress Asset Management Co. MA Cuts Stake in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Mar 26th, 2023

Congress Asset Management Co. MA reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,879 shares of the scientific and technical instruments company’s stock after selling 474 shares during the period. Congress Asset Management Co. MA’s holdings in Garmin were worth $5,711,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Retirement Systems of Alabama increased its position in shares of Garmin by 1.3% in the 3rd quarter. Retirement Systems of Alabama now owns 51,245 shares of the scientific and technical instruments company’s stock valued at $4,115,000 after purchasing an additional 666 shares during the last quarter. Prudential PLC increased its position in shares of Garmin by 14.7% in the 3rd quarter. Prudential PLC now owns 3,893 shares of the scientific and technical instruments company’s stock valued at $313,000 after purchasing an additional 498 shares during the last quarter. South Dakota Investment Council purchased a new stake in shares of Garmin in the 3rd quarter valued at approximately $104,000. The Manufacturers Life Insurance Company increased its position in shares of Garmin by 2.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 113,586 shares of the scientific and technical instruments company’s stock valued at $9,122,000 after purchasing an additional 2,636 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Garmin by 48.1% in the 3rd quarter. Two Sigma Advisers LP now owns 625,200 shares of the scientific and technical instruments company’s stock valued at $50,210,000 after purchasing an additional 203,100 shares during the last quarter. 63.29% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE:GRMN opened at $95.92 on Friday. The stock has a market cap of $18.36 billion, a P/E ratio of 19.03, a P/E/G ratio of 3.30 and a beta of 0.94. The firm has a fifty day moving average price of $97.61 and a 200 day moving average price of $91.43. Garmin Ltd. has a 1-year low of $76.37 and a 1-year high of $121.74.

Garmin (NYSE:GRMN – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.21. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Garmin had a net margin of 20.03% and a return on equity of 16.41%. Garmin’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.55 EPS. Sell-side analysts expect that Garmin Ltd. will post 5.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GRMN has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, February 23rd. Morgan Stanley upped their target price on shares of Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a report on Thursday, February 23rd. Tigress Financial restated a “strong-buy” rating and issued a $165.00 target price on shares of Garmin in a report on Friday, March 3rd. TheStreet upgraded shares of Garmin from a “c+” rating to a “b-” rating in a report on Monday, March 13th. Finally, Barclays upped their target price on shares of Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a report on Thursday, February 23rd. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $123.17.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 7,216 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $98.54, for a total transaction of $711,064.64. Following the completion of the transaction, the chief executive officer now owns 120,460 shares in the company, valued at approximately $11,870,128.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Garmin news, CEO Clifton A. Pemble sold 7,216 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $98.54, for a total transaction of $711,064.64. Following the completion of the transaction, the chief executive officer now owns 120,460 shares in the company, valued at approximately $11,870,128.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sean Biddlecombe sold 867 shares of the stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $98.71, for a total transaction of $85,581.57. Following the completion of the transaction, the director now owns 6,130 shares of the company’s stock, valued at approximately $605,092.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,610 shares of company stock worth $1,635,921. 20.34% of the stock is owned by insiders.

About Garmin

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.