Garmin Ltd. $GRMN Stock Holdings Decreased by Thrivent Financial for Lutherans

Key Points

• Thrivent Financial for Lutherans cut its Garmin stake by 13.4% in the fourth quarter, selling 85,971 shares and leaving it with 556,632 shares valued at about $112.9 million.
• Garmin reported strong quarterly results, with earnings of $2.08 per share on revenue of $1.75 billion, beating Wall Street estimates and posting 14% year-over-year revenue growth.
• The company also announced a quarterly dividend of $1.05 per share, equal to $4.20 annually and a 1.8% yield, while insider selling continued during the period.

Thrivent Financial for Lutherans reduced its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 13.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 556,632 shares of the scientific and technical instruments company's stock after selling 85,971 shares during the period. Thrivent Financial for Lutherans owned about 0.29% of Garmin worth $112,913,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Strategic Family Wealth Counselors L.L.C. acquired a new stake in shares of Garmin during the fourth quarter worth approximately $519,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Garmin by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,699 shares of the scientific and technical instruments company's stock worth $3,793,000 after purchasing an additional 75 shares during the period. World Investment Advisors boosted its holdings in shares of Garmin by 25.1% during the fourth quarter. World Investment Advisors now owns 1,463 shares of the scientific and technical instruments company's stock worth $297,000 after purchasing an additional 294 shares during the period. Argos Wealth Advisors LLC acquired a new stake in shares of Garmin during the fourth quarter worth approximately $444,000. Finally, Meridian Wealth Management LLC boosted its holdings in shares of Garmin by 15.2% during the fourth quarter. Meridian Wealth Management LLC now owns 3,037 shares of the scientific and technical instruments company's stock worth $616,000 after purchasing an additional 401 shares during the period. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Up 1.1%

NYSE GRMN opened at $234.51 on Friday. The stock has a market capitalization of $45.23 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 2.73 and a beta of 0.94. The company has a 50 day moving average price of $245.33 and a two-hundred day moving average price of $222.42. Garmin Ltd. has a 12-month low of $186.67 and a 12-month high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.24. The firm had revenue of $1.75 billion during 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 company's revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, equities analysts anticipate that Garmin Ltd. will post 9.57 EPS for the current year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 12th will be paid a $1.05 dividend. The ex-dividend date is Friday, March 12th. This represents a $4.20 dividend on an annualized basis and a yield of 1.8%. Garmin's payout ratio is 40.13%.

Insider Transactions at Garmin

In other Garmin news, EVP Matthew Munn sold 5,275 shares of Garmin stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $250.97, for a total value of $1,323,866.75. Following the completion of the sale, the executive vice president directly owned 9,876 shares in the company, valued at $2,478,579.72. The trade was a 34.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Desbois sold 6,694 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.65, for a total transaction of $1,684,545.10. Following the completion of the sale, the chief operating officer owned 58,540 shares of the company's stock, valued at $14,731,591. The trade was a 10.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 40,246 shares of company stock valued at $10,110,041. Insiders own 15.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on GRMN shares. Morgan Stanley set a $249.00 price target on shares of Garmin in a report on Thursday, April 30th. Barclays decreased their price target on shares of Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a report on Thursday, April 30th. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a report on Thursday, January 22nd. JPMorgan Chase & Co. raised their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Finally, Tigress Financial raised their price target on shares of Garmin from $310.00 to $320.00 and gave the stock a "strong-buy" rating in a report on Friday, February 20th. 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, Garmin currently has an average rating of "Moderate Buy" and a consensus target price of $268.40.

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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