Garmin (NYSE: GRMN) director shifts 701,600 shares as bona fide gifts
Rhea-AI Filing Summary
Garmin Ltd. director Jonathan Burrell reported indirect gifts of company stock held in estate-planning vehicles. On March 11, 2026, entities associated with him made bona fide gifts totaling 701,600 Registered Shares, distributed across grantor retained annuity trusts (GRATs) and other trusts. These transfers were recorded at a price of $0.00 per share, reflecting that they were gifts rather than market sales, so no trading proceeds were realized. After these transactions, the filing shows Burrell still indirectly holds several million Garmin shares through GRATs, trusts, and LLCs, along with a smaller direct position. Footnotes state he is co‑trustee or manager of these entities and disclaims beneficial ownership except to the extent of his pecuniary interest. The filing also notes unvested RSUs that can settle only in Registered Shares, with 858 RSUs scheduled to vest on June 6, 2026.
Positive
- None.
Negative
- None.
Insights
Large indirect gifts via trusts reallocate Garmin shares without open-market selling.
Director Jonathan Burrell reported bona fide gifts of 701,600 Garmin Registered Shares on March 11, 2026. These dispositions occurred through GRATs and other trusts, not through open-market sales, and were recorded at $0.00 per share.
The filing shows substantial remaining indirect holdings: multiple GRATs, trusts and LLCs still hold several million shares, plus a smaller direct stake. Footnotes emphasize Burrell serves as co‑trustee or manager and disclaims beneficial ownership beyond his pecuniary interest.
Because these are estate- and trust‑planning transfers, not discretionary market sales, the informational signal about Garmin’s outlook is limited. Subsequent company disclosures may provide more context on any future changes in Burrell‑related holdings.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Registered Shares | 330,000 | $0.00 | -- |
| Gift | Registered Shares | 41,600 | $0.00 | -- |
| Gift | Registered Shares | 330,000 | $0.00 | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
Footnotes (1)
- Consists of (a) 8,493 Registered Shares and (b) unvested restricted stock units (RSUs) awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan that can be settled only in Registered Shares, which RSUs vest as to 858 shares on June 6, 2026. The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him, and his children hold the remainder interests therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein. The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, and he holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. The reporting person is the manager of several limited liability companies that are wholly-owned by a GRAT remainder trust established for the reporting person's benefit. The reporting person is a co-trustee of a GRAT remainder trust established for his benefit. The reporting person is a co-trustee of his mother's revocable trust and his mother's attorney-in-fact and also holds a remainder interest in the securities held in such trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
