Intech Investment Management LLC Grows Stock Position in Garmin Ltd. $GRMN

Intech Investment Management LLC lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 42.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 11,392 shares of the scientific and technical instruments company’s stock after acquiring an additional 3,404 shares during the period. Intech Investment Management LLC’s holdings in Garmin were worth $2,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GRMN. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 499,235 shares during the period. Artisan Partners Limited Partnership grew its stake in Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after purchasing an additional 356,161 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Garmin by 1.3% in the second quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock valued at $958,405,000 after purchasing an additional 59,321 shares during the period. Norges Bank purchased a new position in shares of Garmin in the second quarter worth about $410,304,000. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in shares of Garmin by 0.4% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock worth $296,250,000 after purchasing an additional 5,213 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

GRMN opened at $254.98 on Tuesday. The firm has a fifty day moving average price of $214.47 and a 200 day moving average price of $221.32. Garmin Ltd. has a 1 year low of $169.26 and a 1 year high of $261.69. The stock has a market cap of $49.08 billion, a P/E ratio of 29.65, a P/E/G ratio of 3.03 and a beta of 0.94.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.39 by $0.40. The company had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.01 billion. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the business earned $2.41 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 12th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 12th. This represents a $4.20 dividend on an annualized basis and a yield of 1.6%. Garmin’s dividend payout ratio is presently 41.86%.

Analysts Set New Price Targets

Several brokerages recently weighed in on GRMN. JPMorgan Chase & Co. increased their price target on shares of Garmin from $250.00 to $265.00 and gave the stock a “neutral” rating in a report on Thursday, February 19th. Tigress Financial upped their price objective on shares of Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a report on Friday, February 20th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a report on Wednesday, December 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Finally, Zacks Research raised Garmin from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $254.00.

Insider Activity at Garmin

In other news, EVP Matthew Munn sold 5,275 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $250.97, for a total transaction of $1,323,866.75. Following the completion of the transaction, the executive vice president directly owned 9,876 shares of the company’s stock, valued at $2,478,579.72. This represents a 34.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Susan Lyman sold 3,805 shares of Garmin stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $251.32, for a total transaction of $956,272.60. Following the completion of the sale, the vice president directly owned 7,471 shares in the company, valued at $1,877,611.72. This represents a 33.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 57,319 shares of company stock valued at $13,650,815 in the last ninety days. 19.54% of the stock is currently owned by company insiders.

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.