Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 5,006 Shares of Garmin Ltd. $GRMN

Key Points

• Empirical Wealth Management increased its Garmin stake by 26.9% in the first quarter, buying 5,006 additional shares and bringing its total holding to 23,584 shares valued at about $5.47 million.
• Garmin reported strong quarterly results, with EPS of $2.08 topping estimates and revenue of $1.75 billion also beating expectations. Revenue rose 14% year over year, and the company set FY 2026 guidance at 9.35 EPS.
• Analyst sentiment is mixed but generally positive, with a Moderate Buy consensus and an average price target of $269.40. Meanwhile, insiders recently sold shares, including a director and the CFO, trimming their positions.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 26.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,584 shares of the scientific and technical instruments company's stock after acquiring an additional 5,006 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Garmin were worth $5,472,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Westmount Partners LLC lifted its stake in Garmin by 1.9% in the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company's stock worth $512,000 after purchasing an additional 42 shares in the last quarter. Caldwell Trust Co grew its position in shares of Garmin by 4.4% during the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company's stock valued at $237,000 after purchasing an additional 43 shares in the last quarter. HHM Wealth Advisors LLC increased its holdings in shares of Garmin by 6.9% in the first quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company's stock worth $162,000 after purchasing an additional 45 shares during the period. Fulton Bank N.A. increased its holdings in shares of Garmin by 2.9% in the first quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company's stock worth $388,000 after purchasing an additional 47 shares during the period. Finally, Daymark Wealth Partners LLC raised its position in shares of Garmin by 0.7% in the fourth quarter. Daymark Wealth Partners LLC now owns 6,813 shares of the scientific and technical instruments company's stock worth $1,382,000 after buying an additional 48 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Garmin Stock Performance

Shares of Garmin stock opened at $241.04 on Wednesday. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32. The company has a fifty day moving average of $237.83 and a 200-day moving average of $232.77. The stock has a market capitalization of $46.49 billion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 2.88 and a beta of 0.90.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays dropped their price objective on Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a research note on Thursday, April 30th. Tigress Financial upped their target price on Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, May 20th. Morgan Stanley set a $249.00 price target on Garmin in a report on Thursday, April 30th. Zacks Research downgraded Garmin from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Garmin currently has a consensus rating of "Moderate Buy" and an average price target of $269.40.

Insider Transactions at Garmin

In other news, Director Joseph J. Hartnett sold 643 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the sale, the director owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer 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 SEC filing for this sale provides additional information. 14.80% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.