Axa S.A. Has $784,000 Position in Garmin Ltd. (NYSE:GRMN)

Posted by on Mar 1st, 2023

Axa S.A. lessened its holdings in Garmin Ltd. (NYSE:GRMN – Get Rating) by 96.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,758 shares of the scientific and technical instruments company’s stock after selling 249,110 shares during the period. Axa S.A.’s holdings in Garmin were worth $784,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GRMN. Vanguard Group Inc. grew its stake in shares of Garmin by 2.2% during the first quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after purchasing an additional 365,713 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Garmin by 7.7% during the third quarter. Artisan Partners Limited Partnership now owns 6,922,720 shares of the scientific and technical instruments company’s stock worth $555,964,000 after acquiring an additional 492,576 shares during the period. Pictet Asset Management SA raised its holdings in shares of Garmin by 4.9% during the second quarter. Pictet Asset Management SA now owns 2,302,545 shares of the scientific and technical instruments company’s stock worth $226,225,000 after acquiring an additional 108,086 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Garmin by 3.0% during the second quarter. JPMorgan Chase & Co. now owns 2,172,867 shares of the scientific and technical instruments company’s stock worth $213,485,000 after acquiring an additional 63,170 shares during the period. Finally, Boston Partners raised its holdings in shares of Garmin by 20.4% during the third quarter. Boston Partners now owns 2,123,048 shares of the scientific and technical instruments company’s stock worth $170,526,000 after acquiring an additional 360,334 shares during the period. Institutional investors and hedge funds own 63.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on GRMN. Barclays lifted their price target on shares of Garmin from $97.00 to $101.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, February 23rd. Finally, Morgan Stanley boosted their price objective on shares of Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a report on Thursday, February 23rd. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.17.

Garmin Stock Performance

NYSE:GRMN opened at $98.13 on Wednesday. The firm’s fifty day moving average is $96.77 and its 200-day moving average is $90.47. Garmin Ltd. has a 52 week low of $76.37 and a 52 week high of $121.74. The firm has a market cap of $18.78 billion, a P/E ratio of 19.47, a P/E/G ratio of 3.41 and a beta of 0.95.

Garmin (NYSE:GRMN – Get Rating) last posted its quarterly earnings data on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.21. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.32 billion. Garmin had a net margin of 20.03% and a return on equity of 16.41%. The company’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.55 EPS. As a group, sell-side analysts anticipate that Garmin Ltd. will post 5.15 earnings per share for the current year.

Insiders Place Their Bets

In other Garmin news, EVP Patrick Desbois sold 3,991 shares of the company’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $98.50, for a total transaction of $393,113.50. Following the transaction, the executive vice president now owns 47,050 shares in the company, valued at $4,634,425. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Clifton A. Pemble sold 7,216 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $98.54, for a total value of $711,064.64. Following the completion of the sale, the chief executive officer now owns 120,460 shares in the company, valued at $11,870,128.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Patrick Desbois sold 3,991 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $98.50, for a total transaction of $393,113.50. Following the completion of the sale, the executive vice president now owns 47,050 shares of the company’s stock, valued at approximately $4,634,425. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,407 shares of company stock worth $1,802,970. Insiders own 20.34% of the company’s stock.

About Garmin

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Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.

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Institutional Ownership by Quarter for Garmin (NYSE:GRMN)

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