Garmin Ltd. (NYSE:GRMN) Sees Large Drop in Short Interest

Garmin Ltd. (NYSE:GRMN) was the target of a significant decrease in short interest during the month of February. As of February 27th, there was short interest totaling 3,069,705 shares, a decrease of 23.9% from the February 12th total of 4,031,945 shares. Based on an average daily volume of 1,506,230 shares, the short-interest ratio is currently 2.0 days. Currently, 2.0% of the shares of the stock are sold short. Currently, 2.0% of the shares of the stock are sold short. Based on an average daily volume of 1,506,230 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Zacks Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 23rd. Barclays set a $240.00 price target on Garmin in a report on Thursday, February 19th. JPMorgan Chase & Co. upped their price target on Garmin from $250.00 to $265.00 and gave the company a “neutral” rating in a research report on Thursday, February 19th. Tigress Financial increased their price objective on Garmin from $310.00 to $320.00 and gave the stock a “strong-buy” rating in a research note on Friday, February 20th. Finally, Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $254.00.

Garmin Stock Down 0.9%

Shares of NYSE:GRMN traded down $2.19 during trading on Friday, reaching $233.55. 424,054 shares of the company traded hands, compared to its average volume of 1,177,563. The firm has a fifty day simple moving average of $221.24 and a 200 day simple moving average of $222.06. The firm has a market cap of $44.95 billion, a P/E ratio of 27.16, a price-to-earnings-growth ratio of 2.82 and a beta of 0.94. Garmin has a 1-year low of $169.26 and a 1-year high of $261.69.

Garmin (NYSE:GRMN) last posted 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 business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the business posted $2.41 earnings per share. Garmin’s revenue for the quarter was up 16.6% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, research analysts anticipate that Garmin will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 12th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, March 12th. Garmin’s payout ratio is presently 41.86%.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 19,914 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.58, for a total transaction of $5,009,964.12. Following the completion of the sale, the chief executive officer directly owned 124,075 shares of the company’s stock, valued at $31,214,788.50. This trade represents a 13.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Susan Lyman sold 3,805 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.32, for a total value of $956,272.60. Following the sale, the vice president directly owned 7,471 shares of the company’s stock, valued at approximately $1,877,611.72. This represents a 33.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 57,319 shares of company stock valued at $13,650,815. Corporate insiders own 15.38% of the company’s stock.

Hedge Funds Weigh In On Garmin

Several institutional investors have recently bought and sold shares of the stock. Reflection Asset Management bought a new stake in Garmin during the 4th quarter valued at approximately $32,000. Richardson Financial Services Inc. increased its position in Garmin by 62.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 51 shares during the period. Atlas Capital Advisors Inc. bought a new position in Garmin in the 4th quarter worth approximately $34,000. Cornerstone Planning Group LLC lifted its holdings in shares of Garmin by 788.9% during the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after buying an additional 142 shares during the last quarter. Finally, GraniteShares Advisors LLC bought a new stake in shares of Garmin in the fourth quarter valued at approximately $41,000. 81.60% of the stock is currently owned by institutional investors.

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.