Lansforsakringar Fondforvaltning AB publ Boosts Stock Holdings in Garmin Ltd. $GRMN

Lansforsakringar Fondforvaltning AB publ increased its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 7.8% during the third quarter, HoldingsChannel.com reports. The fund owned 49,625 shares of the scientific and technical instruments company’s stock after buying an additional 3,576 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Garmin were worth $12,219,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in GRMN. Advyzon Investment Management LLC increased its stake in Garmin by 7.9% during the 3rd quarter. Advyzon Investment Management LLC now owns 2,704 shares of the scientific and technical instruments company’s stock worth $666,000 after buying an additional 198 shares during the period. Heartland Bank & Trust Co acquired a new position in shares of Garmin during the 3rd quarter worth about $248,000. Citigroup Inc. boosted its holdings in Garmin by 26.5% in the third quarter. Citigroup Inc. now owns 256,112 shares of the scientific and technical instruments company’s stock valued at $63,060,000 after purchasing an additional 53,665 shares in the last quarter. Raiffeisen Bank International AG raised its holdings in Garmin by 9.3% during the third quarter. Raiffeisen Bank International AG now owns 18,405 shares of the scientific and technical instruments company’s stock worth $4,519,000 after purchasing an additional 1,564 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Garmin during the 3rd quarter worth approximately $3,913,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

Garmin stock opened at $246.50 on Tuesday. The company has a market cap of $47.45 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 2.44 and a beta of 1.00. Garmin Ltd. has a 12 month low of $169.26 and a 12 month high of $261.69. The stock’s 50-day moving average is $209.53 and its 200-day moving average is $220.63.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.40. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The firm had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the company earned $2.41 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 12th will be paid a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, March 12th. Garmin’s dividend payout ratio is 41.86%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GRMN. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research note on Wednesday, December 3rd. Tigress Financial raised their price target on Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a research report on Friday. Morgan Stanley upped their price target on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Finally, Barclays set a $240.00 price objective on shares of Garmin in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $254.00.

Insider Activity at Garmin

In related news, COO Patrick Desbois sold 3,678 shares of Garmin stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total value of $773,851.20. Following the completion of the transaction, the chief operating officer directly owned 61,798 shares in the company, valued at approximately $13,002,299.20. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton A. Pemble sold 10,431 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the sale, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 18,144 shares of company stock valued at $3,798,628 in the last 90 days. 15.38% of the stock is currently owned by insiders.

Garmin 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.