Garmin Ltd. $GRMN Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its Garmin stake by 9.4% in the first quarter, buying 7,382 more shares and bringing its total holdings to 85,606 shares valued at about $20.3 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.
• Despite the strong earnings, shares were down 1.7% in Tuesday trading, while analysts held a consensus rating of “Moderate Buy” with an average price target of $269.40.

Allspring Global Investments Holdings LLC boosted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 9.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,606 shares of the scientific and technical instruments company's stock after purchasing an additional 7,382 shares during the period. Allspring Global Investments Holdings LLC's holdings in Garmin were worth $20,337,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Reflection Asset Management purchased a new stake in Garmin in the fourth quarter valued at $32,000. Archer Investment Corp purchased a new position in shares of Garmin during the 1st quarter worth $37,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Garmin during the 4th quarter worth about $34,000. Torren Management LLC acquired a new stake in shares of Garmin during the 4th quarter worth about $41,000. Finally, GraniteShares Advisors LLC purchased a new stake in Garmin in the 4th quarter valued at about $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 1.7%

Shares of GRMN stock opened at $245.23 on Tuesday. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32. The stock has a market capitalization of $47.30 billion, a PE ratio of 27.34, a P/E/G ratio of 2.95 and a beta of 0.90. The firm has a 50 day moving average of $238.23 and a two-hundred day moving average of $233.94.

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 business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the company earned $1.61 earnings per share. The company's revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts expect that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on GRMN. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Morgan Stanley set a $249.00 price target on shares of Garmin in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Tigress Financial increased their price objective on shares of Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen cut shares of Garmin from a "buy" rating to a "hold" rating in a research report on Saturday, June 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of "Moderate Buy" and a consensus target price of $269.40.

Insider Transactions at Garmin

In other news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the transaction, the chief financial officer owned 26,049 shares in the company, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of Garmin 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 transaction, the director owned 21,277 shares of the company's stock, valued at $5,607,978.89. This represents a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.80% of the stock is 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.

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