Sumitomo Mitsui Trust Group Inc. Trims Stock Position in Garmin Ltd. $GRMN

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Garmin Ltd. (NYSE:GRMN) by 3.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 418,560 shares of the scientific and technical instruments company’s stock after selling 13,739 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Garmin were worth $97,110,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Brighton Jones LLC raised its position in Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after purchasing an additional 463 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Garmin by 6.2% during the first quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after buying an additional 345 shares during the period. Woodline Partners LP increased its stake in shares of Garmin by 40.6% during the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after buying an additional 3,757 shares during the period. Focus Partners Wealth raised its holdings in shares of Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock valued at $1,479,000 after acquiring an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its stake in Garmin by 17.0% in the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock worth $347,000 after acquiring an additional 242 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Tigress Financial raised their target price on shares of Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research report on Wednesday, May 20th. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Barclays reduced their price objective 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. Finally, Morgan Stanley set a $249.00 target price on Garmin in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Garmin has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

Insider Buying and Selling

In related news, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the sale, the director owned 21,277 shares of the company’s stock, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 directly owned 26,049 shares of the company’s stock, valued at $6,197,317.59. The trade was a 7.13% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 15.38% of the company’s stock.

Garmin Stock Performance

GRMN traded down $1.20 on Friday, hitting $243.31. The company had a trading volume of 434,968 shares, compared to its average volume of 865,829. The stock has a market capitalization of $46.92 billion, a price-to-earnings ratio of 27.12, a P/E/G ratio of 2.89 and a beta of 0.90. The stock has a fifty day moving average price of $237.87 and a 200-day moving average price of $232.05. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.84 by $0.24. Garmin had a net margin of 23.26% and a return on equity of 20.07%. 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 prior year, the firm posted $1.61 earnings per share. The company’s quarterly revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts forecast 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.