Hsbc Holdings PLC Trims Position in Garmin Ltd. $GRMN

Hsbc Holdings PLC decreased its position in shares of Garmin Ltd. (NYSE:GRMN) by 25.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 71,272 shares of the scientific and technical instruments company’s stock after selling 24,120 shares during the period. Hsbc Holdings PLC’s holdings in Garmin were worth $14,521,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GRMN. Barclays cut their target price on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a research note on Thursday, April 30th. Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Tigress Financial increased their price target on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research note on Wednesday, May 20th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Insider Activity at Garmin

In related news, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction 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 sale, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 2,000 shares of the firm’s 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 sale, the chief financial officer owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 19.54% of the stock is owned by company insiders.

Garmin Stock Up 1.4%

Garmin stock opened at $248.76 on Wednesday. The company’s 50-day moving average price is $238.42 and its 200-day moving average price is $231.37. The company has a market cap of $47.98 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 2.90 and a beta of 0.90. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $273.32.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.24. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, sell-side analysts expect that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

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.