Swedbank AB Cuts Stock Position in Garmin Ltd. $GRMN

Swedbank AB lessened its holdings in Garmin Ltd. (NYSE:GRMN) by 14.3% in the first quarter, Holdings Channel reports. The firm owned 95,499 shares of the scientific and technical instruments company’s stock after selling 16,000 shares during the period. Swedbank AB’s holdings in Garmin were worth $22,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in GRMN. Reflection Asset Management purchased a new position in shares of Garmin in the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. bought a new stake in Garmin in the fourth quarter worth about $34,000. GraniteShares Advisors LLC bought a new position in shares of Garmin during the 4th quarter worth $41,000. Torren Management LLC purchased a new stake in Garmin in the 4th quarter worth about $41,000. Finally, SHP Wealth Management bought a new stake in Garmin in the 4th quarter valued at about $44,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE:GRMN opened at $244.25 on Friday. The firm has a fifty day moving average price of $238.07 and a two-hundred day moving average price of $231.97. The company has a market cap of $47.11 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 2.88 and a beta of 0.90. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.24. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the firm posted $1.61 earnings per share. The business’s quarterly revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities research analysts expect that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. This represents a 7.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the sale, the director directly owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. 15.38% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on GRMN shares. Morgan Stanley set a $249.00 price objective on shares of Garmin in a report on Thursday, April 30th. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Barclays dropped their price target on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Finally, Tigress Financial boosted their target price on shares of Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Garmin presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

Garmin 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.