Sei Investments Co. Sells 46,047 Shares of Garmin Ltd. $GRMN

Sei Investments Co. trimmed its holdings in Garmin Ltd. (NYSE:GRMN) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 323,825 shares of the scientific and technical instruments company’s stock after selling 46,047 shares during the period. Sei Investments Co. owned 0.17% of Garmin worth $75,131,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in Garmin during the fourth quarter worth approximately $979,000. DB Fitzpatrick & Co Inc acquired a new position in shares of Garmin in the fourth quarter valued at approximately $1,439,000. Commerzbank Aktiengesellschaft FI grew its position in shares of Garmin by 282.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 6,518 shares of the scientific and technical instruments company’s stock valued at $1,322,000 after purchasing an additional 4,814 shares during the last quarter. Generali Asset Management SPA SGR increased its stake in shares of Garmin by 8,727.4% during the fourth quarter. Generali Asset Management SPA SGR now owns 9,357 shares of the scientific and technical instruments company’s stock worth $1,898,000 after purchasing an additional 9,251 shares during the period. Finally, Westerkirk Capital Inc. increased its stake in shares of Garmin by 88.2% during the fourth quarter. Westerkirk Capital Inc. now owns 20,700 shares of the scientific and technical instruments company’s stock worth $4,199,000 after purchasing an additional 9,700 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Up 1.1%

Shares of GRMN stock opened at $242.82 on Friday. The stock has a market cap of $46.83 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 2.84 and a beta of 0.90. The stock has a 50 day simple moving average of $238.82 and a 200 day simple moving average of $234.76. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $273.32.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the firm posted $1.61 EPS. Garmin’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 year.

Insider Activity

In other news, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the transaction, the director directly owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Douglas G. Boessen sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the completion of the transaction, the chief financial officer owned 26,049 shares of the company’s stock, valued at $6,197,317.59. The trade was a 7.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 14.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on GRMN. Morgan Stanley set a $249.00 price target on Garmin in a research note on Thursday, April 30th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Barclays lowered their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. 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. Finally, Wall Street Zen cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.40.

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.