Bowen Hanes & Co. Inc. Sells 16,810 Shares of Garmin Ltd. $GRMN

Key Points

• Bowen Hanes & Co. Inc. cut its Garmin stake by 71.4% in the first quarter, selling 16,810 shares and leaving it with 6,725 shares valued at about $1.56 million.
• Several other institutional investors also adjusted their Garmin holdings, and institutions currently own 81.6% of the company’s stock.
• Garmin reported strong quarterly results, beating EPS and revenue estimates, while analysts currently have a Moderate Buy consensus with an average price target of $269.40.

Bowen Hanes & Co. Inc. trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 71.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,725 shares of the scientific and technical instruments company's stock after selling 16,810 shares during the quarter. Bowen Hanes & Co. Inc.'s holdings in Garmin were worth $1,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of GRMN. Brighton Jones LLC boosted its stake in shares of Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock worth $401,000 after purchasing an additional 463 shares during the period. NewEdge Advisors LLC raised its position in Garmin by 6.2% in the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company's stock worth $1,278,000 after purchasing an additional 345 shares during the period. Woodline Partners LP raised its position in Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company's stock worth $2,826,000 after purchasing an additional 3,757 shares during the period. Focus Partners Wealth lifted its stake in Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company's stock worth $1,479,000 after purchasing an additional 2,304 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its position in shares of Garmin by 17.0% during the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company's stock valued at $347,000 after buying an additional 242 shares during the period. Institutional investors own 81.60% of the company's stock.

Insider Buying and Selling at Garmin

In other news, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. 14.80% of the stock is currently owned by corporate insiders.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $239.94 on Friday. The firm has a market cap of $46.27 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 2.84 and a beta of 0.90. The firm's 50 day simple moving average is $238.48 and its 200-day simple moving average is $234.70. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. Garmin'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 predict that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Garmin Company 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.

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