CIBC Asset Management Inc Grows Stock Position in Garmin Ltd. $GRMN

CIBC Asset Management Inc boosted its stake in Garmin Ltd. (NYSE:GRMN) by 103.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 33,568 shares of the scientific and technical instruments company’s stock after purchasing an additional 17,030 shares during the period. CIBC Asset Management Inc’s holdings in Garmin were worth $6,809,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Garmin in the 4th quarter valued at approximately $395,234,000. Alliancebernstein L.P. boosted its position in Garmin by 649.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock valued at $309,417,000 after buying an additional 1,088,938 shares during the period. Vanguard Group Inc. boosted its position in Garmin by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock valued at $4,973,044,000 after buying an additional 499,235 shares during the period. Goldman Sachs Group Inc. boosted its position in Garmin by 32.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,289,156 shares of the scientific and technical instruments company’s stock valued at $261,505,000 after buying an additional 315,163 shares during the period. Finally, KBC Group NV boosted its position in Garmin by 113.6% in the 4th quarter. KBC Group NV now owns 561,291 shares of the scientific and technical instruments company’s stock valued at $113,859,000 after buying an additional 298,462 shares during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on GRMN shares. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Wall Street Zen raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Saturday. Morgan Stanley set a $249.00 price objective on shares of Garmin in a research report on Thursday, April 30th. JPMorgan Chase & Co. lifted 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. Finally, Barclays decreased 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 research 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 company’s stock. Based on data from MarketBeat, Garmin presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

Garmin Stock Performance

NYSE GRMN opened at $236.62 on Friday. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32. The firm’s fifty day moving average is $244.62 and its two-hundred day moving average is $225.18. The firm has a market cap of $45.63 billion, a PE ratio of 26.38, a P/E/G ratio of 2.86 and a beta of 0.91.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) 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 business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the business posted $1.61 earnings per share. The business’s revenue was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Research analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current year.

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.