1,948,406 Shares in Garmin Ltd. $GRMN Purchased by Norges Bank

Norges Bank purchased a new stake in Garmin Ltd. (NYSE:GRMN) in the 4th quarter, Holdings Channel reports. The firm purchased 1,948,406 shares of the scientific and technical instruments company’s stock, valued at approximately $395,234,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GRMN. Penserra Capital Management LLC grew its holdings in shares of Garmin by 43.4% during the 3rd quarter. Penserra Capital Management LLC now owns 22,496 shares of the scientific and technical instruments company’s stock worth $5,538,000 after purchasing an additional 6,806 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Garmin by 25.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company’s stock worth $5,314,000 after purchasing an additional 4,437 shares during the period. Krilogy Financial LLC purchased a new stake in shares of Garmin during the 3rd quarter worth about $1,519,000. ARK Investment Management LLC grew its holdings in shares of Garmin by 10.9% during the 3rd quarter. ARK Investment Management LLC now owns 28,925 shares of the scientific and technical instruments company’s stock worth $7,122,000 after purchasing an additional 2,852 shares during the period. Finally, Diversified Trust Co. grew its holdings in shares of Garmin by 123.1% during the 4th quarter. Diversified Trust Co. now owns 8,248 shares of the scientific and technical instruments company’s stock worth $1,673,000 after purchasing an additional 4,551 shares during the period. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GRMN. JPMorgan Chase & Co. boosted their target price on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Tigress Financial boosted their target price on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a report on Wednesday, May 20th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Morgan Stanley set a $249.00 target price on Garmin in a report on Thursday, April 30th. Finally, Barclays decreased their target price on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Garmin currently has an average rating of “Moderate Buy” and an average target price of $269.40.

Garmin Stock Performance

Garmin stock opened at $237.55 on Tuesday. The stock’s 50 day moving average price is $244.60 and its 200 day moving average price is $224.15. The firm has a market capitalization of $45.81 billion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 2.76 and a beta of 0.94. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.84 by $0.24. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.Garmin’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, analysts forecast that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

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.