Principal Financial Group Inc. Buys 6,126 Shares of Garmin Ltd. $GRMN

Key Points

• Principal Financial Group increased its Garmin stake by 3.2% in the fourth quarter, buying 6,126 additional shares and bringing its total holdings to 200,083 shares worth about $40.6 million.
• Garmin reported strong quarterly results, with EPS of $2.08 topping estimates and revenue of $1.75 billion also beating expectations. Revenue rose 14% year over year, and the company guided FY2026 EPS at 9.35.
• The company also announced a quarterly dividend of $1.05 per share, equal to an annualized $4.20 dividend yield of about 1.7%. Meanwhile, analysts remain mixed, with a consensus rating of “Moderate Buy” and an average price target of $268.40.

Principal Financial Group Inc. raised its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 3.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 200,083 shares of the scientific and technical instruments company's stock after purchasing an additional 6,126 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Garmin worth $40,587,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Penserra Capital Management LLC lifted its position in Garmin by 43.4% in the third quarter. Penserra Capital Management LLC now owns 22,496 shares of the scientific and technical instruments company's stock valued at $5,538,000 after purchasing an additional 6,806 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Garmin by 25.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,584 shares of the scientific and technical instruments company's stock valued at $5,314,000 after purchasing an additional 4,437 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Garmin by 4.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 429,030 shares of the scientific and technical instruments company's stock valued at $105,636,000 after purchasing an additional 19,360 shares during the last quarter. Krilogy Financial LLC bought a new stake in Garmin in the third quarter valued at approximately $1,519,000. Finally, ARK Investment Management LLC lifted its position in Garmin by 10.9% in the third quarter. ARK Investment Management LLC now owns 28,925 shares of the scientific and technical instruments company's stock valued at $7,122,000 after purchasing an additional 2,852 shares during the last quarter. Institutional investors own 81.60% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 3,487 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.66, for a total value of $877,538.42. Following the sale, the chief financial officer directly owned 28,049 shares of the company's stock, valued at $7,058,811.34. This represents a 11.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 19,914 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.58, for a total value of $5,009,964.12. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. Insiders sold 40,725 shares of company stock valued at $10,213,222 over the last 90 days. 15.38% of the stock is currently owned by company insiders.

Garmin Stock Down 0.7%

Shares of Garmin stock opened at $240.11 on Friday. The company has a market cap of $46.31 billion, a PE ratio of 26.77, a P/E/G ratio of 2.83 and a beta of 0.94. The business has a 50 day moving average of $246.88 and a 200 day moving average of $222.86. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32.

Garmin (NYSE:GRMN - Get Free Report) last announced its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm's revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, research analysts anticipate that Garmin Ltd. will post 9.57 earnings per share for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 12th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, March 12th. Garmin's dividend payout ratio is presently 40.13%.

Garmin Company 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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