Assenagon Asset Management S.A. Has $3.85 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Assenagon Asset Management cut its Garmin stake by 87.7% in the second quarter, selling 115,344 shares and retaining 16,224 shares valued at approximately $3.85 million. Institutional investors collectively own 81.6% of Garmin.
• Garmin insiders sold 8,810 shares worth about $2.48 million over the past three months, including sales by CFO Douglas Boessen and Director Joseph Hartnett.
• Garmin reported a strong quarter, with EPS of $2.81 beating estimates of $2.30 and revenue rising 11.4% year over year to $2.02 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $310.17.

Assenagon Asset Management S.A. reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 87.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,224 shares of the scientific and technical instruments company's stock after selling 115,344 shares during the period. Assenagon Asset Management S.A.'s holdings in Garmin were worth $3,854,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Groupe la Francaise grew its holdings 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 purchasing an additional 97 shares during the last quarter. Reflection Asset Management bought a new position in Garmin during the 4th quarter valued at about $32,000. Atlas Capital Advisors Inc. acquired a new position in Garmin in the fourth quarter valued at about $34,000. Archer Investment Corp acquired a new position in Garmin in the first quarter valued at about $37,000. Finally, Torren Management LLC bought a new stake in Garmin during the fourth quarter worth about $41,000. Institutional investors own 81.60% of the company's stock.

Insider Transactions at Garmin

In related 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 transaction of $475,820.00. Following the sale, the chief financial officer owned 26,049 shares in the company, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 8,810 shares of company stock worth $2,478,157. Corporate insiders own 14.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GRMN. Wall Street Zen cut Garmin from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. Morgan Stanley boosted their price objective on Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Barclays increased their target price on Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. UBS Group set a $370.00 target price on Garmin in a research note on Thursday, August 6th. Finally, Tigress Financial reaffirmed a "strong-buy" rating on shares of Garmin in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $310.17.

Garmin Stock Up 0.2%

NYSE:GRMN opened at $310.39 on Thursday. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $314.28. The stock's fifty day simple moving average is $254.18 and its 200-day simple moving average is $242.83. The firm has a market capitalization of $59.86 billion, a P/E ratio of 32.00, a P/E/G ratio of 3.45 and a beta of 0.87.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.93 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. The business's revenue for the quarter was up 11.4% on a year-over-year basis. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 10.1 earnings per share for the current year.

About Garmin

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.

Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source