MV Capital Management Inc. Buys New Position in Garmin Ltd. $GRMN

Key Points

• MV Capital Management Inc. opened a new position in Garmin during the fourth quarter, buying 16,254 shares worth about $3.3 million.
• Several other institutional investors also adjusted their holdings, and 81.6% of Garmin’s stock is now owned by institutions.
• Garmin recently beat earnings and revenue estimates for the quarter, while analysts currently hold a Moderate Buy consensus with a target price of about $269.40.

MV Capital Management Inc. bought a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,254 shares of the scientific and technical instruments company's stock, valued at approximately $3,297,000.

Several other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC grew its position in shares of Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company's stock valued at $401,000 after acquiring an additional 463 shares during the period. NewEdge Advisors LLC raised its holdings in Garmin by 6.2% in the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company's stock worth $1,278,000 after purchasing an additional 345 shares during the period. Woodline Partners LP raised its holdings in Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company's stock worth $2,826,000 after purchasing an additional 3,757 shares during the period. Focus Partners Wealth lifted its position in Garmin by 51.1% during the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company's stock valued at $1,479,000 after purchasing an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC lifted its position in Garmin by 17.0% during the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company's stock valued at $347,000 after purchasing an additional 242 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Joseph J. Hartnett sold 643 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director directly owned 21,277 shares of the company's stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the company's 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 completion of the transaction, the chief financial officer 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. Company insiders own 15.38% of the company's stock.

Garmin Stock Performance

GRMN opened at $234.22 on Friday. The stock has a market cap of $45.17 billion, a price-to-earnings ratio of 26.11, a price-to-earnings-growth ratio of 2.74 and a beta of 0.91. The firm's fifty day moving average is $244.64 and its 200 day moving average is $228.19. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.84 by $0.24. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.Garmin's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities research analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Garmin in a report on Monday, June 8th. Tigress Financial lifted their price objective on Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a research report on Wednesday, May 20th. Wall Street Zen upgraded Garmin from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Zacks Research lowered shares of Garmin from a "strong-buy" rating to a "hold" rating in a report on Friday, May 1st. Finally, Barclays reduced their target price 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. One investment 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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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