Pictet Asset Management Holding SA Lowers Position in Garmin Ltd. $GRMN

Key Points

• Pictet Asset Management Holding SA reduced its Garmin stake by 15.3% in the first quarter, selling 99,201 shares and leaving it with 547,668 shares valued at about $127.1 million.
• Garmin’s latest quarterly results beat expectations, with EPS of $2.08 versus $1.84 expected and revenue of $1.75 billion, up 14% year over year.
• Analyst sentiment is mixed but still constructive: the stock has a Moderate Buy consensus with an average target price of $269.40, while several firms recently cut ratings to Hold and one raised its target to $325.

Pictet Asset Management Holding SA decreased its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 15.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 547,668 shares of the scientific and technical instruments company's stock after selling 99,201 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.28% of Garmin worth $127,064,000 as of its most recent SEC filing.

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

Garmin Stock Up 0.2%

Garmin stock opened at $233.02 on Monday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32. The firm's fifty day moving average is $241.80 and its 200 day moving average is $229.72. The company has a market cap of $44.94 billion, a price-to-earnings ratio of 25.98, a PEG ratio of 2.75 and a beta of 0.91.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The business's revenue was up 14.0% on a year-over-year basis. During the same period last year, the company posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. Zacks Research downgraded Garmin from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. Morgan Stanley set a $249.00 price objective on shares of Garmin in a research report on Thursday, April 30th. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Finally, Tigress Financial raised their target price on shares of Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $269.40.

Insider Activity

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the company's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph J. Hartnett sold 643 shares of the firm's 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 $5,607,978.89. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 15.38% of the company's stock.

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.

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