Handelsbanken Fonder AB Trims Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Handelsbanken Fonder AB cut its Garmin stake by 6.9% in the fourth quarter, selling 14,365 shares and ending with 194,104 shares valued at about $39.4 million.
• Garmin remains heavily owned by institutions, with hedge funds and other investors holding 81.6% of the stock; meanwhile, several firms including Vanguard and State Street increased their positions.
• Analyst sentiment is mixed but generally constructive: Garmin has a Moderate Buy consensus rating with a $268.40 target, while its latest earnings beat estimates on both EPS and revenue and revenue rose 14% year over year.

Handelsbanken Fonder AB lowered its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 6.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 194,104 shares of the scientific and technical instruments company's stock after selling 14,365 shares during the period. Handelsbanken Fonder AB owned about 0.10% of Garmin worth $39,374,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Garmin by 2.5% in the third quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company's stock valued at $4,973,044,000 after purchasing an additional 499,235 shares during the last quarter. State Street Corp boosted its holdings in Garmin by 1.8% in the third 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Garmin by 1.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,494,519 shares of the scientific and technical instruments company's stock valued at $367,964,000 after purchasing an additional 16,622 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted 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 purchasing an additional 5,213 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Garmin by 15.7% in the third quarter. AQR Capital Management LLC now owns 1,348,955 shares of the scientific and technical instruments company's stock valued at $330,373,000 after purchasing an additional 182,548 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

GRMN has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price target on Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Tigress Financial increased their target price on Garmin from $310.00 to $320.00 and gave the stock a "strong-buy" rating in a report on Friday, February 20th. Barclays reduced their target price on Garmin from $240.00 to $238.00 and set an "equal weight" rating on the stock in a report on Thursday, April 30th. Morgan Stanley set a $249.00 target price 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 report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Garmin currently has an average rating of "Moderate Buy" and a consensus target price of $268.40.

Insiders Place Their Bets

In related news, EVP Matthew Munn sold 5,275 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $250.97, for a total value of $1,323,866.75. Following the sale, the executive vice president owned 9,876 shares of the company's stock, valued at approximately $2,478,579.72. This trade represents a 34.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Susan Lyman sold 3,805 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $251.32, for a total value of $956,272.60. Following the completion of the sale, the vice president directly owned 7,471 shares in the company, valued at approximately $1,877,611.72. This trade represents a 33.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 40,246 shares of company stock worth $10,110,041. 19.54% of the stock is currently owned by insiders.

Garmin Stock Up 0.8%

NYSE:GRMN opened at $228.78 on Wednesday. The business's 50 day moving average is $244.27 and its two-hundred day moving average is $222.15. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32. The company has a market cap of $44.12 billion, a PE ratio of 25.51, a P/E/G ratio of 2.67 and a beta of 0.94.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping 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 company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter last year, the business posted $1.61 EPS. Garmin's quarterly revenue was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, sell-side analysts expect that Garmin Ltd. will post 9.57 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.

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.