Garmin (NYSE:GRMN) Director Sells $169,475.51 in Stock

Garmin Ltd. (NYSE:GRMN) Director Joseph Hartnett sold 643 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the sale, the director owned 21,277 shares of the company’s stock, valued at $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Garmin Stock Performance

Shares of NYSE GRMN traded up $2.38 during mid-day trading on Tuesday, reaching $237.61. The company’s stock had a trading volume of 172,132 shares, compared to its average volume of 884,766. The stock has a 50-day moving average of $244.61 and a two-hundred day moving average of $225.75. The stock has a market capitalization of $45.83 billion, a P/E ratio of 26.51, a P/E/G ratio of 2.79 and a beta of 0.91. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.24. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts predict that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GRMN. JPMorgan Chase & Co. raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Morgan Stanley set a $249.00 price objective on shares of Garmin in a research report on Thursday, April 30th. Tigress Financial raised their price objective 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. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Barclays cut their price objective on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.40.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GRMN. Norges Bank purchased a new position in Garmin during the fourth quarter worth about $395,234,000. Alliancebernstein L.P. boosted its stake in Garmin by 649.2% during the third quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after buying an additional 1,088,938 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Garmin during the fourth quarter worth about $214,382,000. Man Group plc boosted its stake in Garmin by 232.0% during the fourth quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after buying an additional 567,711 shares during the period. Finally, Bank of America Corp DE boosted its stake in Garmin by 73.8% during the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after buying an additional 549,954 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Company Profile

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.