Grantham Mayo Van Otterloo & Co. LLC Cuts Position in Garmin Ltd. $GRMN

Grantham Mayo Van Otterloo & Co. LLC reduced its stake in shares of Garmin Ltd. (NYSE:GRMN) by 42.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,294 shares of the scientific and technical instruments company’s stock after selling 14,707 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Garmin were worth $4,997,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. raised its holdings in Garmin by 62.2% in the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 51 shares in the last quarter. Cornerstone Planning Group LLC boosted its holdings in shares of Garmin by 788.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after buying an additional 142 shares in the last quarter. Tradewinds Capital Management LLC purchased a new position in shares of Garmin in the 3rd quarter worth approximately $44,000. Newbridge Financial Services Group Inc. grew its position in shares of Garmin by 96.9% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock worth $52,000 after buying an additional 123 shares during the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in shares of Garmin by 1,530.8% during the 3rd quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock worth $52,000 after acquiring an additional 199 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GRMN. Barclays set a $240.00 target price on shares of Garmin in a research note on Thursday, February 19th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a report on Wednesday, December 3rd. JPMorgan Chase & Co. raised their price objective on Garmin from $250.00 to $265.00 and gave the stock a “neutral” rating in a research report on Thursday, February 19th. Zacks Research upgraded Garmin from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.00.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 19,914 shares of Garmin stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $251.58, for a total transaction of $5,009,964.12. Following the completion of the sale, the chief executive officer owned 124,075 shares of the company’s stock, valued at $31,214,788.50. The trade was a 13.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas G. Boessen sold 3,487 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $251.66, for a total value of $877,538.42. Following the completion of the sale, the chief financial officer owned 28,049 shares in the company, valued at approximately $7,058,811.34. This represents a 11.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 57,319 shares of company stock valued at $13,650,815. 19.54% of the stock is owned by company insiders.

Garmin Trading Down 0.2%

NYSE:GRMN opened at $242.99 on Tuesday. Garmin Ltd. has a 12 month low of $169.26 and a 12 month high of $261.69. The firm has a fifty day simple moving average of $218.56 and a 200-day simple moving average of $221.82. The company has a market capitalization of $46.77 billion, a P/E ratio of 28.25, a PEG ratio of 2.92 and a beta of 0.94.

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

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Stockholders 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 dividend yield of 1.7%. Garmin’s dividend payout ratio is currently 41.86%.

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.