Norges Bank Acquires New Stake in Garmin Ltd. $GRMN

Norges Bank acquired a new stake in Garmin Ltd. (NYSE:GRMN) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,948,406 shares of the scientific and technical instruments company’s stock, valued at approximately $395,234,000. Norges Bank owned about 1.01% of Garmin at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its position in Garmin by 788.9% in the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after buying an additional 142 shares during the last quarter. Torren Management LLC acquired a new stake in Garmin in the fourth quarter valued at $41,000. GraniteShares Advisors LLC acquired a new stake in Garmin in the fourth quarter valued at $41,000. Elyxium Wealth LLC acquired a new stake in Garmin in the fourth quarter valued at $60,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Garmin in the third quarter valued at $97,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GRMN shares. Barclays reduced their target price on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Morgan Stanley set a $249.00 target price on Garmin in a report on Thursday, April 30th. Tigress Financial raised their target price on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. raised their target price on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Finally, Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.40.

Garmin Trading Up 1.6%

Garmin stock opened at $237.55 on Tuesday. The stock has a market cap of $45.81 billion, a PE ratio of 26.48, a P/E/G ratio of 2.76 and a beta of 0.94. The stock has a 50-day moving average price of $244.60 and a 200 day moving average price of $224.15. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. The firm had revenue of $1.75 billion during 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%.The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the business posted $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 EPS for the current year.

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.