Swiss National Bank Raises Holdings in Garmin Ltd. $GRMN

Swiss National Bank grew its holdings in Garmin Ltd. (NYSE:GRMN) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 471,800 shares of the scientific and technical instruments company’s stock after purchasing an additional 5,900 shares during the period. Swiss National Bank owned about 0.25% of Garmin worth $116,167,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Richardson Financial Services Inc. raised its position in Garmin by 62.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 51 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares during the period. Tradewinds Capital Management LLC purchased a new position in shares of Garmin during the third quarter valued at approximately $44,000. SJS Investment Consulting Inc. lifted its position in Garmin by 1,530.8% during the third quarter. SJS Investment Consulting Inc. now owns 212 shares of the scientific and technical instruments company’s stock valued at $52,000 after purchasing an additional 199 shares during the period. Finally, Mascoma Wealth Management LLC bought a new position in Garmin during the third quarter valued at approximately $54,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Matthew Munn sold 5,275 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $250.97, for a total value of $1,323,866.75. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 3,487 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $251.66, for a total transaction of $877,538.42. Following the sale, the chief financial officer owned 28,049 shares in the company, valued at $7,058,811.34. The trade was a 11.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 57,319 shares of company stock worth $13,650,815 in the last ninety days. Corporate insiders own 19.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on GRMN. Tigress Financial lifted their target price on shares of Garmin from $310.00 to $320.00 and gave the stock a “strong-buy” rating in a research report on Friday, February 20th. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Barclays set a $240.00 price objective on Garmin in a report on Thursday, February 19th. Zacks Research upgraded Garmin from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $250.00 to $265.00 and gave the company a “neutral” rating in a report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $254.00.

Garmin Price Performance

NYSE:GRMN opened at $241.56 on Wednesday. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69. The business has a fifty day moving average price of $219.29 and a 200-day moving average price of $221.86. The firm has a market capitalization of $46.50 billion, a price-to-earnings ratio of 28.09, a price-to-earnings-growth ratio of 2.91 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 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 the consensus estimate of $2.01 billion. Garmin had a return on equity of 19.64% and a net margin of 22.96%.Garmin’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.41 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities research analysts expect that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently announced 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. This represents a $4.20 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, March 12th. 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.