Independent Advisor Alliance Reduces Position in Garmin Ltd. $GRMN

Key Points

• Independent Advisor Alliance cut its Garmin stake by 87.2% in the fourth quarter, leaving it with 2,636 shares worth about $535,000.
• Garmin reported strong quarterly results, with EPS of $2.08 topping estimates and revenue of $1.75 billion beating expectations; revenue rose 14% year over year.
• The company also announced a quarterly dividend of $1.05 per share, while analysts currently hold a Moderate Buy consensus with an average price target of $268.40.

Independent Advisor Alliance decreased its holdings in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 87.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,636 shares of the scientific and technical instruments company's stock after selling 18,018 shares during the quarter. Independent Advisor Alliance's holdings in Garmin were worth $535,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in 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 lifted its position in shares of Garmin by 1.8% during the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company's stock worth $1,785,304,000 after purchasing an additional 126,677 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Garmin by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,494,519 shares of the scientific and technical instruments company's stock valued at $367,964,000 after purchasing an additional 16,622 shares during the period. Disciplined Growth Investors Inc. MN grew its holdings in shares of Garmin by 0.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company's stock worth $296,250,000 after purchasing an additional 5,213 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Garmin by 15.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,348,955 shares of the scientific and technical instruments company's stock worth $330,373,000 after buying an additional 182,548 shares during the period. 81.60% of the stock is owned by institutional investors.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 19,914 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.58, for a total value of $5,009,964.12. Following the completion of the transaction, the chief executive officer directly owned 124,075 shares in the company, valued at approximately $31,214,788.50. The trade was a 13.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Patrick Desbois sold 6,694 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.65, for a total transaction of $1,684,545.10. Following the sale, the chief operating officer directly owned 58,540 shares of the company's stock, valued at approximately $14,731,591. The trade was a 10.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 40,246 shares of company stock worth $10,110,041. Company insiders own 19.54% of the company's stock.

Garmin Stock Performance

NYSE GRMN opened at $226.04 on Monday. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32. The company has a market capitalization of $43.59 billion, a price-to-earnings ratio of 25.20, a price-to-earnings-growth ratio of 2.66 and a beta of 0.94. The company's 50-day simple moving average is $244.83 and its two-hundred day simple moving average is $222.24.

Garmin (NYSE:GRMN - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The company's quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the firm earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities analysts expect that Garmin Ltd. will post 9.57 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 12th will be given a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, March 12th. Garmin's payout ratio is presently 40.13%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Barclays lowered their price objective on shares of Garmin from $240.00 to $238.00 and set an "equal weight" rating for the company in a research report on Thursday, April 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a research note on Thursday, January 22nd. Tigress Financial boosted their price target on Garmin from $310.00 to $320.00 and gave the company a "strong-buy" rating in a report on Friday, February 20th. Morgan Stanley set a $249.00 price objective on Garmin in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. lifted their target price on Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. One 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $268.40.

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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