Illinois Municipal Retirement Fund Trims Stock Holdings in Garmin Ltd. $GRMN

Illinois Municipal Retirement Fund lessened its position in shares of Garmin Ltd. (NYSE:GRMN) by 13.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,305 shares of the scientific and technical instruments company’s stock after selling 10,299 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Garmin were worth $15,615,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GRMN. Norges Bank acquired a new stake in shares of Garmin during the fourth quarter worth about $395,234,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Garmin in the 4th quarter worth approximately $214,382,000. Man Group plc increased its holdings in 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 period. Westfield Capital Management Co. LP purchased a new position in Garmin during the 4th quarter worth approximately $68,106,000. Finally, SG Americas Securities LLC raised its position in Garmin by 192.8% during the 1st quarter. SG Americas Securities LLC now owns 506,273 shares of the scientific and technical instruments company’s stock worth $117,460,000 after buying an additional 333,345 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Garmin

In other news, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the sale, the director directly owned 21,277 shares in the company, valued at $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total transaction of $475,820.00. Following the sale, the chief financial officer directly owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.80% of the stock is owned by insiders.

Garmin Price Performance

Shares of GRMN stock opened at $250.31 on Friday. The company has a market cap of $48.27 billion, a price-to-earnings ratio of 27.90, a PEG ratio of 2.86 and a beta of 0.90. The stock has a 50 day simple moving average of $237.98 and a 200-day simple moving average of $233.34. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32.

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, topping the consensus estimate of $1.84 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The firm’s revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts anticipate that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GRMN. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Wall Street Zen cut shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. JPMorgan Chase & Co. boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Morgan Stanley set a $249.00 price target on shares of Garmin in a report on Thursday, April 30th. Finally, Tigress Financial increased their price target on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

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.