Pictet Asset Management Holding SA Sells 99,201 Shares of Garmin Ltd. $GRMN

Pictet Asset Management Holding SA cut its position in shares of Garmin Ltd. (NYSE:GRMN) by 15.3% in the first quarter, Holdings Channel.com reports. The firm 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’s holdings in Garmin were worth $127,064,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GRMN. Reflection Asset Management purchased a new stake in Garmin in the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. purchased a new position in shares of Garmin during the fourth quarter valued at approximately $34,000. GraniteShares Advisors LLC bought a new position in shares of Garmin during the fourth quarter valued at approximately $41,000. Torren Management LLC purchased a new stake in shares of Garmin in the fourth quarter worth approximately $41,000. Finally, SHP Wealth Management purchased a new stake in shares of Garmin in the fourth quarter worth approximately $44,000. 81.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were 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 in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 15.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GRMN. Tigress Financial boosted their price objective on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, Morgan Stanley set a $249.00 price target on shares of Garmin in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Garmin has an average rating of “Moderate Buy” and an average target price of $269.40.

Garmin Stock Up 0.2%

Shares of NYSE:GRMN 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 stock has a market cap of $44.94 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 2.75 and a beta of 0.91. The business’s 50 day moving average is $241.80 and its 200 day moving average is $229.72.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating 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 business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the company posted $1.61 EPS. Garmin’s revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, sell-side analysts anticipate that Garmin Ltd. will post 9.53 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.