Weiss Asset Management LP Increases Stake in Garmin Ltd. $GRMN

Weiss Asset Management LP boosted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,900 shares of the scientific and technical instruments company’s stock after buying an additional 2,389 shares during the quarter. Weiss Asset Management LP’s holdings in Garmin were worth $6,473,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. OMERS ADMINISTRATION Corp boosted its holdings in Garmin by 19.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 19,205 shares of the scientific and technical instruments company’s stock valued at $4,456,000 after purchasing an additional 3,072 shares during the period. Lombard Odier Asset Management USA Corp purchased a new stake in Garmin during the 1st quarter worth about $327,000. Waverly Advisors LLC increased its holdings in Garmin by 37.1% during the 1st quarter. Waverly Advisors LLC now owns 16,461 shares of the scientific and technical instruments company’s stock worth $3,819,000 after purchasing an additional 4,458 shares during the period. Wealth Alliance LLC acquired a new stake in Garmin in the 1st quarter valued at about $273,000. Finally, Entropy Technologies LP acquired a new stake in Garmin in the 1st quarter valued at about $3,593,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. JPMorgan Chase & Co. raised their target price on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Tigress Financial lifted their price target on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, May 20th. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Finally, Barclays dropped 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. 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 company. Based on data from MarketBeat.com, Garmin currently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was 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 of the company’s stock, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the sale, the director directly owned 21,277 shares of the company’s stock, valued at $5,607,978.89. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 14.80% of the stock is owned by company insiders.

Garmin Stock Up 1.1%

GRMN stock opened at $242.82 on Friday. The business has a 50 day moving average price of $238.82 and a 200 day moving average price of $234.76. The stock has a market cap of $46.83 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 2.87 and a beta of 0.90. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 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 company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the prior year, the firm posted $1.61 earnings per share. The firm’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, sell-side analysts anticipate that Garmin Ltd. will post 9.53 EPS for the current year.

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.