Federated Hermes Inc. Has $96,000 Holdings in Garmin Ltd. (NYSE:GRMN)

Federated Hermes Inc. reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 59.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 590 shares of the scientific and technical instruments company’s stock after selling 870 shares during the period. Federated Hermes Inc.’s holdings in Garmin were worth $96,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Clearstead Trust LLC bought a new position in shares of Garmin during the first quarter worth about $30,000. Family Firm Inc. bought a new position in Garmin in the second quarter valued at $35,000. Headlands Technologies LLC acquired a new stake in Garmin in the 2nd quarter valued at $46,000. West Oak Capital LLC acquired a new position in shares of Garmin during the 2nd quarter worth about $53,000. Finally, EdgeRock Capital LLC bought a new position in shares of Garmin in the 2nd quarter valued at about $76,000. Institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

GRMN stock opened at $173.15 on Thursday. The company’s 50-day simple moving average is $174.64 and its 200 day simple moving average is $163.18. Garmin Ltd. has a 52 week low of $99.61 and a 52 week high of $184.42. The company has a market capitalization of $33.28 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 3.04 and a beta of 1.00.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the company earned $1.45 EPS. On average, analysts forecast that Garmin Ltd. will post 6.05 EPS for the current year.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the transaction, the director now owns 88,622 shares of the company’s stock, valued at $16,081,348.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock valued at $2,296,174 over the last three months. 19.54% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on GRMN shares. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, Tigress Financial lifted their price objective on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $152.17.

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.