Garmin (NYSE:GRMN) Raised to Strong-Buy at Zacks Research

Garmin (NYSE:GRMN) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

GRMN has been the subject of several other reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price objective for the company in a research report on Wednesday, December 3rd. Tigress Financial lifted their target price on Garmin from $310.00 to $320.00 and gave the stock a “strong-buy” rating in a research note on Friday. Morgan Stanley increased their price target on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Barclays set a $240.00 price objective on shares of Garmin in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $254.00.

Garmin Stock Up 1.8%

Shares of GRMN opened at $251.56 on Monday. The stock has a market capitalization of $48.42 billion, a P/E ratio of 29.25, a P/E/G ratio of 2.44 and a beta of 1.00. Garmin has a twelve month low of $169.26 and a twelve month high of $261.69. The company has a 50 day moving average of $210.42 and a 200-day moving average of $220.76.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.39 by $0.40. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.01 billion. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.41 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, sell-side analysts anticipate that Garmin will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 479 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $215.41, for a total transaction of $103,181.39. Following the transaction, the chief financial officer owned 28,488 shares in the company, valued at $6,136,600.08. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the sale, the chief executive officer owned 135,180 shares in the company, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 18,144 shares of company stock worth $3,798,628. 19.54% of the stock is currently owned by company insiders.

Institutional Trading of Garmin

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Garmin by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock worth $4,973,044,000 after buying an additional 499,235 shares during the period. State Street Corp lifted its holdings in shares of Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after buying an additional 126,677 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Garmin by 6.4% in the second quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after acquiring an additional 356,161 shares during the period. Geode Capital Management LLC lifted its stake in Garmin by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock worth $958,405,000 after purchasing an additional 59,321 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Garmin in the second quarter worth $410,304,000. 81.60% of the stock is currently owned by institutional investors.

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.