Securian Asset Management Inc. Trims Stock Position in Garmin Ltd. (NYSE:GRMN)

Posted by Defense World Staff on Apr 25th, 2023

Securian Asset Management Inc. cut its holdings in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,530 shares of the scientific and technical instruments company’s stock after selling 302 shares during the quarter. Securian Asset Management Inc.’s holdings in Garmin were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. San Luis Wealth Advisors LLC purchased a new position in shares of Garmin in the 4th quarter worth about $963,000. Raymond James Trust N.A. raised its holdings in shares of Garmin by 3.1% in the 4th quarter. Raymond James Trust N.A. now owns 8,464 shares of the scientific and technical instruments company’s stock worth $781,000 after purchasing an additional 256 shares during the period. Congress Wealth Management LLC DE purchased a new position in shares of Garmin in the 4th quarter worth about $228,000. Appleton Group LLC purchased a new position in shares of Garmin in the 4th quarter worth about $309,000. Finally, X Square Capital LLC raised its holdings in shares of Garmin by 4.2% in the 4th quarter. X Square Capital LLC now owns 5,466 shares of the scientific and technical instruments company’s stock worth $504,000 after purchasing an additional 219 shares during the period. 63.29% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Down 0.0 %

Shares of NYSE GRMN opened at $97.70 on Tuesday. Garmin Ltd. has a fifty-two week low of $76.37 and a fifty-two week high of $114.39. The business has a 50 day moving average price of $97.96 and a two-hundred day moving average price of $96.14. The firm has a market cap of $18.70 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.36 and a beta of 0.94.

Garmin (NYSE:GRMN – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The scientific and technical instruments company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.21. Garmin had a return on equity of 16.41% and a net margin of 20.03%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $1.55 EPS. Garmin’s quarterly revenue was down 6.1% on a year-over-year basis. On average, analysts anticipate that Garmin Ltd. will post 5.19 earnings per share for the current year.

Insider Buying and Selling at Garmin

In other Garmin news, Director Sean Biddlecombe sold 867 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $98.71, for a total transaction of $85,581.57. Following the completion of the sale, the director now owns 6,130 shares in the company, valued at approximately $605,092.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Garmin news, Director Sean Biddlecombe sold 867 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $98.71, for a total transaction of $85,581.57. Following the transaction, the director now owns 6,130 shares of the company’s stock, valued at approximately $605,092.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Patrick Desbois sold 3,991 shares of the stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $98.50, for a total value of $393,113.50. Following the transaction, the executive vice president now directly owns 47,050 shares in the company, valued at approximately $4,634,425. The disclosure for this sale can be found here. Insiders sold a total of 16,610 shares of company stock worth $1,635,921 in the last 90 days. 20.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. StockNews.com assumed coverage on Garmin in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Barclays raised their price objective on Garmin from $97.00 to $101.00 and gave the stock an “equal weight” rating in a report on Thursday, February 23rd. Morgan Stanley increased their target price on Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Tigress Financial reiterated a “strong-buy” rating and issued a $165.00 target price on shares of Garmin in a research note on Friday, March 3rd. Finally, KeyCorp began coverage on Garmin in a research note on Tuesday, April 18th. They issued a “sector weight” rating for the company. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $123.17.

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.