Garmin (NYSE:GRMN) Sets New 1-Year High - Here's What Happened

Key Points

• Garmin shares reached a new 52-week high, trading as high as $312.70 and closing near $310, with the stock up substantially from its 50-day and 200-day moving averages.
• Garmin reported a strong quarter, posting $2.81 in EPS versus $2.30 expected and $2.02 billion in revenue versus $1.93 billion anticipated; revenue grew 11.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with a $310.17 price target, while insiders sold 8,810 shares worth about $2.48 million over the past 90 days.

Garmin Ltd. (NYSE:GRMN - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $312.70 and last traded at $310.2850, with a volume of 900150 shares. The stock had previously closed at $310.89.

Analyst Ratings Changes

GRMN has been the topic of a number of recent research reports. Barclays upped their target price on Garmin from $238.00 to $297.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. 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 research report on Thursday, April 16th. UBS Group set a $370.00 price objective on shares of Garmin in a research note on Thursday. Tigress Financial reaffirmed a "strong-buy" rating on shares of Garmin in a report on Thursday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Garmin in a research note on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $310.17.

Garmin Stock Down 0.4%

The business's 50-day simple moving average is $249.83 and its two-hundred day simple moving average is $240.56. The firm has a market cap of $59.69 billion, a price-to-earnings ratio of 31.87, a P/E/G ratio of 3.47 and a beta of 0.87.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.51. The firm had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm earned $2.17 EPS. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. On average, analysts expect that Garmin Ltd. will post 10.1 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Joshua H. Maxfield sold 1,152 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total transaction of $335,381.76. Following the completion of the transaction, the vice president directly owned 15,042 shares of the company's stock, valued at $4,379,177.46. This represents a 7.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Sean Biddlecombe sold 986 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $292.88, for a total value of $288,779.68. Following the transaction, the director owned 6,021 shares in the company, valued at $1,763,430.48. This trade represents a 14.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 8,810 shares of company stock valued at $2,478,157 in the last 90 days. Corporate insiders own 14.80% of the company's stock.

Hedge Funds Weigh In On Garmin

A number of large investors have recently added to or reduced their stakes in GRMN. Groupe la Francaise increased its stake in shares of Garmin by 346.4% during the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company's stock worth $29,000 after purchasing an additional 97 shares in the last quarter. Reflection Asset Management acquired a new stake in Garmin in the 4th quarter worth about $32,000. Atlas Capital Advisors Inc. purchased a new stake in Garmin during the 4th quarter worth approximately $34,000. Archer Investment Corp acquired a new position in shares of Garmin during the first quarter valued at approximately $37,000. Finally, Torren Management LLC acquired a new position in shares of Garmin during the fourth quarter valued at approximately $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

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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