Pallas Capital Advisors LLC Decreases Stock Position in Garmin Ltd. $GRMN

Pallas Capital Advisors LLC trimmed its position in shares of Garmin Ltd. (NYSE:GRMN) by 52.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,702 shares of the scientific and technical instruments company’s stock after selling 3,006 shares during the period. Pallas Capital Advisors LLC’s holdings in Garmin were worth $548,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its holdings 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 in the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Garmin by 788.9% during the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after acquiring an additional 142 shares in the last quarter. Tradewinds Capital Management LLC purchased a new stake in shares of Garmin during the third quarter worth about $44,000. Newbridge Financial Services Group Inc. increased its position in shares of Garmin by 96.9% during the second quarter. Newbridge Financial Services Group Inc. now owns 250 shares of the scientific and technical instruments company’s stock worth $52,000 after acquiring an additional 123 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its stake in shares of Garmin by 1,530.8% in the third 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. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Stock Performance

Shares of GRMN stock opened at $232.20 on Wednesday. The stock has a market capitalization of $44.69 billion, a price-to-earnings ratio of 27.00, a PEG ratio of 2.71 and a beta of 0.94. Garmin Ltd. has a one year low of $169.26 and a one year high of $261.69. The company’s 50-day simple moving average is $227.12 and its 200-day simple moving average is $221.55.

Garmin (NYSE:GRMN) last announced its quarterly earnings data 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. Garmin had a return on equity of 19.64% and a net margin of 22.96%.The firm had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned $2.41 earnings per share. Garmin’s quarterly revenue was up 16.6% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared 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. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, March 12th. Garmin’s payout ratio is 41.86%.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 6,694 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.65, for a total transaction of $1,684,545.10. Following the transaction, the chief operating officer directly owned 58,540 shares in the company, valued at $14,731,591. This trade represents a 10.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Clifton A. Pemble sold 19,914 shares of Garmin stock in a transaction on 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 transaction, the chief executive officer directly owned 124,075 shares of the company’s stock, valued at approximately $31,214,788.50. This represents a 13.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 44,403 shares of company stock worth $10,987,074. 19.54% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on GRMN. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target for the company in a report on Wednesday, December 3rd. Barclays set a $240.00 price objective on Garmin in a report on Thursday, February 19th. JPMorgan Chase & Co. upped their target price on Garmin from $250.00 to $265.00 and gave the company a “neutral” rating in a research report on Thursday, February 19th. Tigress Financial increased their target price on Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a research note on Friday, February 20th. Finally, Weiss Ratings reissued 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 assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Garmin currently has a consensus rating of “Moderate Buy” and an average price target of $254.00.

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.