Turtle Creek Wealth Advisors LLC Grows Position in Garmin Ltd. $GRMN

Key Points

• Turtle Creek Wealth Advisors boosted its Garmin stake by 35.9% in the first quarter, buying 11,208 additional shares and ending with 42,460 shares valued at about $9.85 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.
• Analysts remain mixed on the stock: the consensus rating is “Moderate Buy” with an average price target of $269.40, while insiders recently sold shares, including CFO Douglas G. Boessen and Director Joseph J. Hartnett.

Turtle Creek Wealth Advisors LLC increased its holdings in Garmin Ltd. (NYSE:GRMN - Free Report) by 35.9% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 42,460 shares of the scientific and technical instruments company's stock after buying an additional 11,208 shares during the quarter. Turtle Creek Wealth Advisors LLC's holdings in Garmin were worth $9,851,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in shares of Garmin by 1.8% in 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 acquiring an additional 126,677 shares during the period. Norges Bank purchased a new stake in Garmin in the fourth quarter worth approximately $395,234,000. Northern Trust Corp boosted its holdings in Garmin by 3.8% in the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company's stock worth $348,836,000 after purchasing an additional 63,283 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Garmin by 6.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company's stock worth $322,837,000 after purchasing an additional 96,850 shares during the period. Finally, Disciplined Growth Investors Inc. MN raised its stake in Garmin by 0.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company's stock valued at $296,250,000 after buying an additional 5,213 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company's stock.

Garmin Price Performance

GRMN stock opened at $240.03 on Friday. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32. The business has a 50 day simple moving average of $239.48 and a two-hundred day simple moving average of $230.54. The company has a market capitalization of $46.29 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 2.81 and a beta of 0.90.

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 the consensus estimate of $1.84 by $0.24. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The firm had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter last year, the business posted $1.61 earnings per share. The company's revenue for the quarter was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Sell-side analysts anticipate that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GRMN has been the topic of several research analyst reports. Tigress Financial increased their price target on Garmin from $320.00 to $325.00 and gave the company a "strong-buy" rating in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a report on Monday, June 8th. Barclays reduced 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. JPMorgan Chase & Co. raised their target price on Garmin from $265.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, April 16th. Finally, Zacks Research cut shares of Garmin from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $269.40.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer directly owned 26,049 shares in the company, valued at approximately $6,197,317.59. The trade was a 7.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph J. Hartnett sold 643 shares of the business's stock in a transaction 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 sale, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 15.38% of the company's stock.

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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