California Public Employees Retirement System Has $76.34 Million Stake in Garmin Ltd. $GRMN

Key Points

• CalPERS increased its Garmin stake by 12.7% in Q1, buying 37,168 more shares and bringing its total holding to 329,035 shares worth about $76.34 million.
• Garmin beat quarterly expectations with EPS of $2.08 versus $1.84 expected and revenue of $1.75 billion versus $1.72 billion expected, while revenue rose 14% year over year.
• Wall Street remains mixed but constructive on GRMN, with an average rating of Moderate Buy and a consensus price target of $269.40, even as some firms recently lowered their ratings.

California Public Employees Retirement System grew its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 329,035 shares of the scientific and technical instruments company's stock after acquiring an additional 37,168 shares during the quarter. California Public Employees Retirement System owned 0.17% of Garmin worth $76,339,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRMN. Reflection Asset Management acquired a new stake in shares of Garmin in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. bought a new position in Garmin in the 4th quarter valued at approximately $34,000. Archer Investment Corp bought a new position in shares of Garmin in the 1st quarter valued at $37,000. GraniteShares Advisors LLC acquired a new stake in shares of Garmin during the 4th quarter valued at $41,000. Finally, Torren Management LLC bought a new stake in Garmin during the 4th quarter worth $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Up 0.1%

GRMN stock opened at $249.86 on Monday. The firm has a market cap of $48.19 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The stock has a 50-day moving average price of $238.18 and a 200-day moving average price of $233.65. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The company's quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm 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 year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GRMN. Wall Street Zen lowered Garmin from a "buy" rating to a "hold" rating in a research note on Saturday, June 20th. Tigress Financial boosted their target price on shares of Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. raised their price target on shares of Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. Morgan Stanley set a $249.00 target price on Garmin in a research report on Thursday, April 30th. Finally, Zacks Research lowered Garmin from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $269.40.

Insider Transactions at Garmin

In other news, CFO Douglas G. Boessen sold 2,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares of the company's stock, valued at $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph J. Hartnett sold 643 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.80% of the company's stock.

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.

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