Man Group plc Grows Position in Garmin Ltd. $GRMN

Man Group plc increased its holdings in Garmin Ltd. (NYSE:GRMN) by 232.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 812,390 shares of the scientific and technical instruments company’s stock after acquiring an additional 567,711 shares during the quarter. Man Group plc owned approximately 0.42% of Garmin worth $164,793,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GRMN. Atlas Capital Advisors Inc. purchased a new stake in Garmin in the fourth quarter worth about $34,000. GraniteShares Advisors LLC purchased a new stake in Garmin in the fourth quarter worth about $41,000. Torren Management LLC bought a new position in Garmin in the fourth quarter worth about $41,000. DV Equities LLC bought a new position in Garmin in the fourth quarter worth about $46,000. Finally, Itau Unibanco Holding S.A. raised its holdings in Garmin by 23.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 283 shares of the scientific and technical instruments company’s stock worth $57,000 after purchasing an additional 53 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Joseph J. Hartnett sold 643 shares of the company’s 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 transaction, the director owned 21,277 shares in the company, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer owned 26,049 shares in the company, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 15.38% of the company’s stock.

Garmin Stock Down 1.1%

GRMN opened at $232.30 on Thursday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32. The company has a market cap of $44.80 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 2.78 and a beta of 0.91. The firm’s 50-day moving average price is $244.78 and its 200-day moving average price is $227.92.

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

Analysts Set New Price Targets

A number of brokerages have commented on GRMN. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Tigress Financial boosted their target price on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Finally, Morgan Stanley set a $249.00 target price on shares of Garmin in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $269.40.

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.