Garmin Ltd. $GRMN Stake Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Garmin Ltd. (NYSE:GRMN) by 1.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 198,023 shares of the scientific and technical instruments company’s stock after selling 2,060 shares during the quarter. Principal Financial Group Inc.’s holdings in Garmin were worth $45,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of GRMN. State Street Corp grew its stake in Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock valued at $1,785,304,000 after purchasing an additional 126,677 shares in the last quarter. Norges Bank acquired a new position in Garmin in the 4th quarter worth about $395,234,000. Northern Trust Corp raised its stake in shares of Garmin by 3.8% during the 4th quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock worth $348,836,000 after purchasing an additional 63,283 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Garmin by 6.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company’s stock valued at $322,837,000 after buying an additional 96,850 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in shares of Garmin by 0.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after buying an additional 5,213 shares during the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on GRMN shares. Barclays dropped their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a report on Thursday, April 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. Tigress Financial raised their price target on shares of Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Garmin has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Garmin Trading Down 0.5%

NYSE:GRMN opened at $249.86 on Friday. The firm has a market capitalization of $48.19 billion, a PE ratio of 27.85, a PEG ratio of 2.97 and a beta of 0.90. Garmin Ltd. has a 1 year low of $186.67 and a 1 year high of $273.32. The firm’s fifty day simple moving average is $238.18 and its 200 day simple moving average is $233.46.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the business earned $1.61 EPS. The business’s revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, analysts anticipate that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Insider Transactions at Garmin

In related news, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the transaction, the director owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. The trade was a 7.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 14.80% 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.