Garmin (NYSE:GRMN) CFO Douglas Boessen Sells 2,000 Shares of Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas Boessen sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares in the company, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Garmin Trading Up 1.1%

Shares of NYSE GRMN opened at $237.86 on Wednesday. The stock has a market cap of $45.87 billion, a price-to-earnings ratio of 26.52, a P/E/G ratio of 2.78 and a beta of 0.91. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32. The stock’s 50-day moving average is $244.76 and its 200 day moving average is $226.09.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.24. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations 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 period last year, the firm posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, analysts forecast that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wall Street Zen raised Garmin from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays decreased their price target on Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 30th. Morgan Stanley set a $249.00 price target on Garmin in a research note on Thursday, April 30th. Tigress Financial lifted their price target on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, Zacks Research cut 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 assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Hedge Funds Weigh In On Garmin

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Garmin in the 4th quarter worth approximately $395,234,000. Alliancebernstein L.P. grew its position in shares of Garmin by 649.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after buying an additional 1,088,938 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Garmin in the 4th quarter worth approximately $214,382,000. Man Group plc grew its position in shares of Garmin by 232.0% in the 4th quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after buying an additional 567,711 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Garmin by 73.8% in the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock worth $300,499,000 after buying an additional 549,954 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

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.