Truist Financial Corp Acquires 2,836 Shares of Garmin Ltd. $GRMN

Truist Financial Corp grew its holdings in Garmin Ltd. (NYSE:GRMN) by 15.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,118 shares of the scientific and technical instruments company’s stock after acquiring an additional 2,836 shares during the quarter. Truist Financial Corp’s holdings in Garmin were worth $4,284,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Sun Financial Inc bought a new stake in shares of Garmin in the fourth quarter worth about $416,000. Pittenger & Anderson Inc. increased its holdings in shares of Garmin by 11.3% in the fourth quarter. Pittenger & Anderson Inc. now owns 25,490 shares of the scientific and technical instruments company’s stock worth $5,171,000 after acquiring an additional 2,597 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Garmin by 2.1% in the fourth quarter. Benjamin Edwards Inc. now owns 39,487 shares of the scientific and technical instruments company’s stock worth $8,012,000 after acquiring an additional 824 shares in the last quarter. Composition Wealth LLC grew its holdings in shares of Garmin by 18.1% during the fourth quarter. Composition Wealth LLC now owns 1,473 shares of the scientific and technical instruments company’s stock worth $299,000 after buying an additional 226 shares in the last quarter. Finally, Horizon Investments LLC grew its holdings in shares of Garmin by 3.8% during the fourth quarter. Horizon Investments LLC now owns 9,701 shares of the scientific and technical instruments company’s stock worth $1,968,000 after buying an additional 355 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on GRMN. Barclays decreased their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Tigress Financial increased their price objective on Garmin from $310.00 to $320.00 and gave the stock a “strong-buy” rating in a report on Friday, February 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Finally, Morgan Stanley set a $249.00 price target on Garmin in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Garmin has an average rating of “Moderate Buy” and an average price target of $268.40.

Garmin Stock Up 0.0%

GRMN stock opened at $240.11 on Monday. The business has a 50 day moving average price of $246.88 and a two-hundred day moving average price of $222.86. The company has a market cap of $46.31 billion, a price-to-earnings ratio of 26.77, a P/E/G ratio of 2.83 and a beta of 0.94. Garmin Ltd. has a twelve month low of $186.67 and a twelve month high of $273.32.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.24. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business’s revenue was up 14.0% compared to the same quarter last year. During the same period last year, the company earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities research analysts anticipate that Garmin Ltd. will post 9.57 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 12th will be given a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, March 12th. Garmin’s dividend payout ratio (DPR) is presently 46.82%.

Insider Buying and Selling

In other news, EVP Matthew Munn sold 5,275 shares of the firm’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 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 trade represents a 34.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Susan Lyman sold 3,805 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $251.32, for a total value of $956,272.60. Following the completion of the sale, the vice president directly owned 7,471 shares of the company’s stock, valued at approximately $1,877,611.72. The trade was a 33.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 40,725 shares of company stock valued at $10,213,222. Insiders own 15.38% of the company’s stock.

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.