Douglas Boessen Sells 2,000 Shares of Garmin (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas Boessen sold 2,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the completion of the transaction, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Garmin Price Performance

NYSE GRMN opened at $235.36 on Tuesday. The firm’s fifty day moving average price is $244.61 and its 200 day moving average price is $225.75. The company has a market capitalization of $45.39 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 2.79 and a beta of 0.91. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $273.32.

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

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Garmin during the fourth quarter worth about $395,234,000. Alliancebernstein L.P. grew its stake in Garmin by 649.2% during the third quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after buying an additional 1,088,938 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Garmin during the fourth quarter worth approximately $214,382,000. Man Group plc grew its stake in Garmin by 232.0% during the fourth quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after buying an additional 567,711 shares during the period. Finally, Bank of America Corp DE grew its stake in Garmin by 73.8% during the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after buying an additional 549,954 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on GRMN. Morgan Stanley set a $249.00 price objective on shares of Garmin in a research report on Thursday, April 30th. Wall Street Zen raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays lowered their price objective on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. Tigress Financial raised their price objective on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. raised 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.