Faithward Advisors LLC Reduces Stake in Garmin Ltd. $GRMN

Key Points

• Faithward Advisors LLC cut its Garmin stake by 86.9% in the fourth quarter, selling 22,668 shares and leaving it with 3,404 shares valued at about $690,000.
• Several other institutional investors continued to hold or add to Garmin, with Vanguard, State Street, and Norges Bank among the notable positions; overall, institutions own 81.6% of the stock.
• Garmin shares were down 1.1% to $235.45, while the company recently beat quarterly earnings and revenue expectations; analysts currently have a Moderate Buy consensus with a $269.40 average price target.

Faithward Advisors LLC lowered its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 86.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,404 shares of the scientific and technical instruments company's stock after selling 22,668 shares during the quarter. Faithward Advisors LLC's holdings in Garmin were worth $690,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Garmin by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company's stock valued at $4,973,044,000 after acquiring an additional 499,235 shares during the last quarter. State Street Corp increased its holdings in shares of Garmin by 1.8% in the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company's stock valued at $1,785,304,000 after acquiring an additional 126,677 shares during the last quarter. Norges Bank purchased a new position in shares of Garmin in the 4th quarter valued at about $395,234,000. Dimensional Fund Advisors LP increased its holdings in shares of Garmin by 6.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company's stock valued at $322,837,000 after acquiring an additional 96,850 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its holdings in shares of Garmin by 0.4% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company's stock valued at $296,250,000 after acquiring an additional 5,213 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Insider Buying and Selling

In other Garmin news, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer directly owned 26,049 shares of the company's stock, valued at $6,197,317.59. The trade was a 7.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Down 1.1%

Shares of NYSE GRMN opened at $235.45 on Wednesday. The stock has a market cap of $45.41 billion, a PE ratio of 26.25, a price-to-earnings-growth ratio of 2.81 and a beta of 0.91. Garmin Ltd. has a 52-week low of $186.67 and a 52-week high of $273.32. The business has a 50-day moving average price of $245.00 and a 200 day moving average price of $227.66.

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

Analyst Ratings Changes

A number of research firms have recently commented on GRMN. Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a report on Monday, June 8th. Morgan Stanley set a $249.00 price objective on Garmin in a report on Thursday, April 30th. Zacks Research downgraded Garmin from a "strong-buy" rating to a "hold" rating in a report on Friday, May 1st. Barclays decreased their target price on Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a research report on Thursday, April 30th. Finally, Tigress Financial upped their target price on Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a research report on Wednesday, May 20th. One 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.40.

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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