Garmin (NYSE:GRMN) Sets New 1-Year High Following Earnings Beat

Garmin Ltd. (NYSE:GRMN)’s share price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $293.64 and last traded at $295.1370, with a volume of 256727 shares traded. The stock had previously closed at $253.65.

The scientific and technical instruments company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The firm had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the prior year, the business earned $2.17 earnings per share. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS.

Analyst Ratings Changes

A number of research analysts have recently commented on GRMN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Tigress Financial increased their target price on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. boosted their price target on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Finally, Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was 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 $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction that occurred on 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 owned 21,277 shares in the company, valued at $5,607,978.89. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GRMN. Groupe la Francaise lifted its holdings in Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after buying an additional 97 shares during the period. Reflection Asset Management acquired a new stake in Garmin during the 4th quarter worth about $32,000. Archer Investment Corp acquired a new stake in Garmin during the 1st quarter worth about $37,000. Atlas Capital Advisors Inc. bought a new position in shares of Garmin in the 4th quarter worth about $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Garmin in the 1st quarter worth about $44,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

The company has a market capitalization of $56.67 billion, a price-to-earnings ratio of 32.76, a P/E/G ratio of 2.86 and a beta of 0.90. The business has a 50 day moving average price of $239.62 and a 200-day moving average price of $235.51.

Garmin Company 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.