Swedbank AB Has $22.62 Million Stock Holdings in Garmin Ltd. $GRMN

Key Points

• Swedbank AB reduced its Garmin stake by 10% in the fourth quarter, but still held 111,499 shares worth about $22.6 million as of its latest SEC filing.
• Garmin’s latest quarterly results beat expectations, with EPS of $2.08 versus the $1.84 estimate and revenue of $1.75 billion, up 14% year over year.
• Analyst sentiment is mixed but generally positive: the stock has a Moderate Buy consensus rating with an average price target of $269.40, while several analysts recently adjusted ratings and targets.

Swedbank AB trimmed its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 10.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 111,499 shares of the scientific and technical instruments company's stock after selling 12,353 shares during the quarter. Swedbank AB owned approximately 0.06% of Garmin worth $22,618,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Cornerstone Planning Group LLC boosted its stake in shares of Garmin by 788.9% during the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company's stock valued at $39,000 after purchasing an additional 142 shares in the last quarter. GraniteShares Advisors LLC acquired a new stake in shares of Garmin during the fourth quarter valued at about $41,000. Torren Management LLC acquired a new stake in shares of Garmin during the fourth quarter valued at about $41,000. Elyxium Wealth LLC acquired a new stake in shares of Garmin during the fourth quarter valued at about $60,000. Finally, Camelot Portfolios LLC acquired a new stake in shares of Garmin during the fourth quarter valued at about $81,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GRMN shares. Zacks Research lowered Garmin from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. lifted their price objective on Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Morgan Stanley set a $249.00 price objective on Garmin in a research note on Thursday, April 30th. 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 note on Thursday, April 30th. Finally, Tigress Financial lifted their price objective on Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $269.40.

Garmin Price Performance

Garmin stock opened at $240.83 on Tuesday. The stock's 50 day moving average is $244.30 and its 200 day moving average is $222.95. The firm has a market cap of $46.45 billion, a P/E ratio of 26.85, a P/E/G ratio of 2.83 and a beta of 0.94. 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 posted 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 company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm's quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities analysts anticipate that Garmin Ltd. will post 9.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 3,487 shares of Garmin stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $251.66, for a total value of $877,538.42. Following the completion of the sale, the chief financial officer directly owned 28,049 shares in the company, valued at approximately $7,058,811.34. The trade was a 11.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew Munn sold 5,275 shares of Garmin 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 completion of the sale, the executive vice president owned 9,876 shares of the company's stock, valued at approximately $2,478,579.72. The trade was a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,175 shares of company stock valued at $9,852,187 in the last 90 days. Company insiders own 15.38% of the company's stock.

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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