Garmin Ltd. $GRMN Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Garmin stake by 73.8% in the first quarter, owning 1.30 million shares valued at approximately $300.5 million. Institutional investors and hedge funds collectively hold 81.6% of Garmin’s stock.
• Garmin reported adjusted quarterly earnings of $2.81 per share on $2.02 billion in revenue, beating expectations and marking 11.4% year-over-year growth. The company also raised its fiscal 2026 outlook, supported by demand for fitness products and wearables.
• Shares opened at $295.17, near their 52-week high, while analysts maintain a “Moderate Buy” consensus with an average price target of $289.20. Recent insider selling and concerns that the premium valuation already reflects much of Garmin’s growth could limit further upside.

Bank of America Corp DE raised its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 73.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,295,199 shares of the scientific and technical instruments company's stock after buying an additional 549,954 shares during the quarter. Bank of America Corp DE owned about 0.67% of Garmin worth $300,499,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GRMN. Bull Harbor Capital LLC purchased a new position in Garmin in the 1st quarter worth approximately $293,000. Arkadios Wealth Advisors acquired a new position in shares of Garmin during the 1st quarter worth approximately $332,000. Amundi grew its position in shares of Garmin by 82.5% in the first quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock valued at $236,027,000 after purchasing an additional 459,980 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Garmin by 25.1% in the first quarter. EverSource Wealth Advisors LLC now owns 3,133 shares of the scientific and technical instruments company's stock valued at $727,000 after purchasing an additional 628 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Garmin by 2.7% in the first quarter. Royal Bank of Canada now owns 400,031 shares of the scientific and technical instruments company's stock valued at $92,811,000 after purchasing an additional 10,638 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Garmin news, VP Joshua H. Maxfield sold 1,152 shares of Garmin stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $291.13, for a total transaction of $335,381.76. Following the completion of the sale, the vice president directly owned 15,042 shares in the company, valued at $4,379,177.46. This trade represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sean Biddlecombe sold 986 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $292.88, for a total transaction of $288,779.68. Following the completion of the transaction, the director owned 6,021 shares in the company, valued at approximately $1,763,430.48. This represents a 14.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 8,810 shares of company stock valued at $2,478,157 over the last three months. Company insiders own 14.80% of the company's stock.

More Garmin News

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Q2 beat and higher guidance: Garmin reported adjusted earnings of $2.81 per share, exceeding expectations of $2.30, while revenue increased 11.4% year over year to $2.02 billion. Growth was supported by strong demand for fitness products and advanced wearables. The company also raised its fiscal 2026 outlook, citing stronger margins and demand. Garmin Tops Q2 Earnings Estimates on Fitness Growth, Ups FY26 Guidance
• Positive Sentiment: Momentum and breakout: Coverage highlighted Garmin’s earnings-driven breakout and its ability to deliver growth despite a premium valuation. The stock reached a new 52-week high following the earnings beat, indicating continued investor confidence in its product portfolio and operating performance. Garmin Stock Breaks Out On Second-Quarter Beat, Raised Outlook
• Neutral Sentiment: Valuation debate: Analysts and financial commentary are weighing Garmin’s strong growth against a share price that may already reflect much of the improvement. This could make additional gains more dependent on continued earnings beats and guidance increases. Garmin Beats On Strong Demand, Is The Stock Now 12% Overvalued?
• Negative Sentiment: Insider selling: CEO Clifton Pemble, Vice President Joshua Maxfield and Director Sean Biddlecombe sold Garmin shares worth approximately $1.21 million, $335,000 and $289,000, respectively. Each retained a substantial position, but the cluster of sales can create a modest sentiment headwind.
• Negative Sentiment: Limited analyst upside: Morgan Stanley raised its price target to $289 from $249 but maintained an “equal weight” rating. The new target remains below the recent trading level, signaling that the firm views much of Garmin’s earnings optimism as already reflected in the stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GRMN. JPMorgan Chase & Co. boosted their price objective on Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Morgan Stanley raised their target price on Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a research note on Thursday. Tigress Financial lifted their price target on Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a report on Wednesday, May 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Finally, Barclays raised their price objective on shares of Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $289.20.

Garmin Stock Up 0.5%

NYSE:GRMN opened at $295.17 on Monday. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $304.00. The company has a market capitalization of $56.92 billion, a P/E ratio of 30.43, a P/E/G ratio of 3.28 and a beta of 0.87. The stock's fifty day moving average is $243.03 and its two-hundred day moving average is $237.27.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.17 EPS. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 10.1 earnings per share for the current fiscal year.

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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