Y Intercept Hong Kong Ltd Purchases 4,481 Shares of Garmin Ltd. $GRMN

Key Points

• Y Intercept Hong Kong Ltd increased its Garmin stake by 36.1% in the first quarter, buying 4,481 shares and bringing its total holding to 16,878 shares worth about $3.9 million.
• Garmin’s stock has strong institutional support, with 81.6% of shares owned by institutional investors, while several firms recently added or expanded positions in the company.
• Recent performance and outlook remain solid: Garmin beat quarterly earnings and revenue estimates, and analysts currently rate the stock a “Moderate Buy” with a consensus price target of $269.40.

Y Intercept Hong Kong Ltd lifted its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 36.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,878 shares of the scientific and technical instruments company's stock after buying an additional 4,481 shares during the period. Y Intercept Hong Kong Ltd's holdings in Garmin were worth $3,916,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Garmin during the fourth quarter worth $395,234,000. Alliancebernstein L.P. grew its stake in Garmin by 649.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company's stock valued at $309,417,000 after purchasing an additional 1,088,938 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Garmin in the 4th quarter valued at $214,382,000. Man Group plc increased its position in shares of Garmin by 232.0% during the 4th quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company's stock valued at $164,793,000 after purchasing an additional 567,711 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Garmin during the 4th quarter valued at $68,106,000. 81.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays cut their price target on shares of Garmin from $240.00 to $238.00 and set an "equal weight" rating on the stock in a report on Thursday, April 30th. Tigress Financial lifted their price objective on shares of Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, May 20th. Zacks Research cut shares of Garmin from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. Wall Street Zen downgraded shares of Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. Finally, Morgan Stanley set a $249.00 price target on shares of Garmin in a research note 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 issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $269.40.

Insider Activity

In related news, CFO Douglas G. Boessen sold 2,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were 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 approximately $6,197,317.59. This represents a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the firm'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 completion of the transaction, the director directly owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 19.54% of the stock is owned by company insiders.

Garmin Price Performance

Shares of NYSE GRMN traded up $1.19 during trading on Tuesday, reaching $246.41. 122,247 shares of the stock traded hands, compared to its average volume of 893,099. The stock has a market capitalization of $47.52 billion, a P/E ratio of 27.44, a price-to-earnings-growth ratio of 2.84 and a beta of 0.90. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32. The company has a 50-day moving average of $238.63 and a 200-day moving average of $231.04.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm posted $1.61 EPS. The firm's revenue for the quarter was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts expect that Garmin Ltd. will post 9.53 earnings per share 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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