Garmin Ltd. $GRMN Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC trimmed its position in Garmin Ltd. (NYSE:GRMN) by 7.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,510,853 shares of the scientific and technical instruments company’s stock after selling 337,563 shares during the period. Geode Capital Management LLC owned approximately 2.35% of Garmin worth $911,659,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its position in Garmin by 788.9% in the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares in the last quarter. GraniteShares Advisors LLC bought a new stake in Garmin in the fourth quarter worth about $41,000. Torren Management LLC bought a new stake in Garmin in the fourth quarter worth about $41,000. Elyxium Wealth LLC bought a new stake in Garmin in the fourth quarter worth about $60,000. Finally, Camelot Portfolios LLC bought a new stake in Garmin in the fourth quarter worth about $81,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on GRMN. Barclays dropped their price target on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. Morgan Stanley set a $249.00 price target on shares of Garmin in a research report on Thursday, April 30th. JPMorgan Chase & Co. lifted 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. Zacks Research lowered shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Tigress Financial lifted their price target on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.40.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $234.00 on Friday. The company has a market cap of $45.13 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 2.79 and a beta of 0.94. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32. The firm has a 50 day simple moving average of $244.55 and a 200 day simple moving average of $223.74.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.84 by $0.24. The business had revenue of $1.75 billion during 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 firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current year.

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.