SG Americas Securities LLC Purchases 333,345 Shares of Garmin Ltd. $GRMN

Key Points

• SG Americas Securities LLC significantly increased its Garmin stake in the first quarter, buying 333,345 additional shares and lifting its holdings to 506,273 shares worth about $117.5 million.
• Garmin reported better-than-expected quarterly results, with earnings of $2.08 per share and revenue of $1.75 billion, both topping analyst estimates. Revenue rose 14% year over year.
• Analyst sentiment remains mixed but generally constructive, with a Moderate Buy consensus and an average price target of $269.40. However, recent insider sales by the CFO and a director were also disclosed.

SG Americas Securities LLC lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 192.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 506,273 shares of the scientific and technical instruments company's stock after buying an additional 333,345 shares during the quarter. SG Americas Securities LLC owned about 0.26% of Garmin worth $117,460,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Reflection Asset Management bought a new stake in Garmin during the fourth quarter valued at $32,000. Atlas Capital Advisors Inc. bought a new position in shares of Garmin in the 4th quarter worth about $34,000. GraniteShares Advisors LLC bought a new position in shares of Garmin in the 4th quarter worth about $41,000. Torren Management LLC acquired a new position in shares of Garmin in the 4th quarter valued at about $41,000. Finally, SHP Wealth Management acquired a new position in shares of Garmin in the 4th quarter valued at about $44,000. Institutional investors own 81.60% of the company's stock.

Insider Activity at Garmin

In other news, Director Joseph J. Hartnett sold 643 shares of the company's stock in a transaction that occurred 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 directly owned 21,277 shares of the company's stock, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 19.54% of the company's stock.

Garmin Price Performance

Shares of GRMN opened at $234.22 on Monday. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32. The company has a market cap of $45.17 billion, a PE ratio of 26.11, a P/E/G ratio of 2.77 and a beta of 0.91. The stock has a 50-day moving average of $244.28 and a 200-day moving average of $228.45.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.24. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm's revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts expect that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Tigress Financial raised their target price on Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, May 20th. Barclays dropped their price target on Garmin from $240.00 to $238.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 30th. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Wall Street Zen lowered shares of Garmin from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Morgan Stanley set a $249.00 target price on shares of Garmin in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $269.40.

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.

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