Crossmark Global Holdings Inc. Has $1.78 Million Stake in Garmin Ltd. $GRMN

Key Points

• Crossmark Global Holdings cut its Garmin stake by 43.7% in the fourth quarter, ending with 8,753 shares valued at about $1.78 million.
• Garmin reported better-than-expected quarterly results, with EPS of $2.08 versus $1.84 expected and revenue of $1.75 billion, up 14% year over year.
• Management has been active on shareholder returns, with Garmin declaring a quarterly dividend of $1.05 per share and insiders, including the CEO and COO, selling shares in recent transactions.

Crossmark Global Holdings Inc. trimmed its stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 43.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,753 shares of the scientific and technical instruments company's stock after selling 6,788 shares during the period. Crossmark Global Holdings Inc.'s holdings in Garmin were worth $1,776,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Generali Asset Management SPA SGR raised its position in shares of Garmin by 8,727.4% during the fourth quarter. Generali Asset Management SPA SGR now owns 9,357 shares of the scientific and technical instruments company's stock worth $1,898,000 after acquiring an additional 9,251 shares during the last quarter. MGO One Seven LLC raised its position in shares of Garmin by 4.5% during the fourth quarter. MGO One Seven LLC now owns 1,736 shares of the scientific and technical instruments company's stock worth $352,000 after acquiring an additional 75 shares during the last quarter. Crestwood Advisors Group LLC raised its position in shares of Garmin by 25.7% during the fourth quarter. Crestwood Advisors Group LLC now owns 1,091 shares of the scientific and technical instruments company's stock worth $221,000 after acquiring an additional 223 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Garmin by 6.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 7,088 shares of the scientific and technical instruments company's stock worth $1,438,000 after acquiring an additional 409 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its position in shares of Garmin by 35.1% during the fourth quarter. Gateway Investment Advisers LLC now owns 1,119 shares of the scientific and technical instruments company's stock worth $227,000 after acquiring an additional 291 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Tigress Financial boosted their target price on Garmin from $310.00 to $320.00 and gave the stock a "strong-buy" rating in a research report on Friday, February 20th. JPMorgan Chase & Co. lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Barclays lowered their price target on shares of Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a research report on Thursday, April 30th. Zacks Research cut shares of Garmin from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $268.40.

Insiders Place Their Bets

In related news, COO Patrick Desbois sold 6,694 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $251.65, for a total value of $1,684,545.10. Following the completion of the transaction, the chief operating officer directly owned 58,540 shares in the company, valued at approximately $14,731,591. The trade was a 10.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 19,914 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $251.58, for a total value of $5,009,964.12. Following the completion of the transaction, the chief executive officer owned 124,075 shares of the company's stock, valued at $31,214,788.50. This represents a 13.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 40,725 shares of company stock worth $10,213,222 over the last 90 days. 19.54% of the stock is currently owned by corporate insiders.

Garmin Stock Down 2.1%

NYSE:GRMN opened at $237.19 on Wednesday. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32. The firm has a market capitalization of $45.74 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.85 and a beta of 0.94. The stock's fifty day simple moving average is $246.12 and its 200-day simple moving average is $222.66.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.24. The business 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%.The firm's revenue was up 14.0% on a year-over-year basis. During the same period last year, the company earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, equities research analysts expect that Garmin Ltd. will post 9.57 earnings per share for the current year.

Garmin Announces Dividend

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 given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, March 12th. Garmin's dividend payout ratio (DPR) is currently 40.13%.

Garmin 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.

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