Hsbc Holdings PLC lifted its position in Garmin Ltd. (NYSE:GRMN – Free Report) by 282.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,512 shares of the scientific and technical instruments company’s stock after purchasing an additional 201,240 shares during the quarter. Hsbc Holdings PLC’s holdings in Garmin were worth $63,190,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Westmount Partners LLC increased its holdings in Garmin by 1.9% in the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company’s stock valued at $512,000 after buying an additional 42 shares during the period. Caldwell Trust Co lifted its holdings in shares of Garmin by 4.4% during the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock worth $237,000 after acquiring an additional 43 shares during the period. HHM Wealth Advisors LLC boosted its position in shares of Garmin by 6.9% during the 1st quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company’s stock valued at $162,000 after acquiring an additional 45 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock valued at $388,000 after acquiring an additional 47 shares in the last quarter. Finally, Daymark Wealth Partners LLC increased its stake in Garmin by 0.7% in the fourth quarter. Daymark Wealth Partners LLC now owns 6,813 shares of the scientific and technical instruments company’s stock valued at $1,382,000 after acquiring an additional 48 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.
Garmin Stock Up 0.1%
Shares of Garmin stock opened at $249.86 on Monday. The stock has a market capitalization of $48.19 billion, a P/E ratio of 27.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The company has a 50-day simple moving average of $238.18 and a 200 day simple moving average of $233.65. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the stock. Tigress Financial increased their price target on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. 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 note on Thursday, April 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, JPMorgan Chase & Co. boosted their price target on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.40.
View Our Latest Stock Analysis on GRMN
Insider Buying and Selling
In other news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the transaction, the chief financial officer owned 26,049 shares in the company, valued at approximately $6,197,317.59. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.80% of the company’s stock.
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.
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