Garmin Ltd. $GRMN Shares Sold by KBC Group NV

Key Points

• KBC Group NV trimmed its Garmin stake by 1.6% in the first quarter, selling 9,041 shares and ending with 552,250 shares valued at about $128.1 million.
• Several other institutional investors remained heavily invested in Garmin, and overall hedge funds and other institutions own 81.60% of the stock.
• Garmin reported solid quarterly results, with EPS of $2.08 beating estimates and revenue rising 14% year over year to $1.75 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $269.40.

KBC Group NV reduced its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 1.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 552,250 shares of the scientific and technical instruments company's stock after selling 9,041 shares during the period. KBC Group NV owned approximately 0.29% of Garmin worth $128,127,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp increased its holdings in shares of Garmin by 1.8% in the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company's stock valued at $1,785,304,000 after purchasing an additional 126,677 shares in the last quarter. Norges Bank purchased a new stake in Garmin during the fourth quarter worth about $395,234,000. Northern Trust Corp grew its position in Garmin by 3.8% during the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company's stock worth $348,836,000 after buying an additional 63,283 shares during the period. Dimensional Fund Advisors LP grew its position in Garmin by 6.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company's stock worth $322,837,000 after buying an additional 96,850 shares during the period. Finally, Disciplined Growth Investors Inc. MN increased its holdings in Garmin by 0.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company's stock valued at $296,250,000 after buying an additional 5,213 shares in the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $237.91, for a total transaction of $475,820.00. Following the completion of the transaction, the chief financial officer owned 26,049 shares of the company's stock, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph J. Hartnett sold 643 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director directly owned 21,277 shares of the company's stock, valued at $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. 14.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GRMN. Tigress Financial lifted their price target on shares of Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. upped their price target on Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Wall Street Zen downgraded Garmin from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Morgan Stanley set a $249.00 price objective on Garmin in a report on Thursday, April 30th. Finally, Zacks Research downgraded Garmin from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. One 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 company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $269.40.

Garmin Price Performance

Shares of NYSE GRMN opened at $249.86 on Monday. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32. The company has a market capitalization of $48.19 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The firm's 50-day moving average is $238.18 and its two-hundred day moving average is $233.65.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating 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 business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the business earned $1.61 earnings per share. The company'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. On average, analysts forecast that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

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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