Sumitomo Mitsui Trust Group Inc. Sells 13,739 Shares of Garmin Ltd. $GRMN

Sumitomo Mitsui Trust Group Inc. decreased its position in Garmin Ltd. (NYSE:GRMN) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 418,560 shares of the scientific and technical instruments company’s stock after selling 13,739 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Garmin worth $97,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

GRMN has been the topic of several analyst reports. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. lifted their target price on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. 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 report on Wednesday, May 20th. Finally, Barclays lowered their price target on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Insider Buying and Selling

In other Garmin news, 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 sale, the chief financial officer owned 26,049 shares in the company, valued at $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of Garmin stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the sale, the director 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. The SEC filing for this sale provides additional information. 15.38% of the stock is currently owned by company insiders.

Garmin Stock Down 0.5%

NYSE:GRMN traded down $1.20 during mid-day trading on Friday, hitting $243.31. 434,968 shares of the stock traded hands, compared to its average volume of 865,829. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32. The stock has a market capitalization of $46.92 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 2.89 and a beta of 0.90. The firm’s 50 day moving average is $237.87 and its two-hundred day moving average is $232.05.

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