Garmin (NYSE:GRMN) Sets New 52-Week High – Here’s Why

Garmin Ltd. (NYSE:GRMN)’s share price reached a new 52-week high on Monday . The company traded as high as $312.70 and last traded at $310.2850, with a volume of 900150 shares. The stock had previously closed at $310.89.

Wall Street Analyst Weigh In

Several research firms have recently commented on GRMN. UBS Group set a $370.00 price target on Garmin in a research report on Thursday, August 6th. Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. Zacks Research raised shares of Garmin from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Garmin has an average rating of “Moderate Buy” and an average price target of $310.17.

Garmin Price Performance

The business’s fifty day moving average price is $252.73 and its two-hundred day moving average price is $242.09. The stock has a market capitalization of $59.64 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 3.49 and a beta of 0.87.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the business posted $2.17 EPS. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 10.1 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In related news, Director Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the sale, the director 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 hyperlink. Also, CEO Clifton A. Pemble sold 4,029 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the completion of the transaction, the chief executive officer owned 120,127 shares in the company, valued at approximately $36,038,100. This trade represents a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 8,810 shares of company stock valued at $2,478,157. 14.80% of the stock is owned by company insiders.

Institutional Trading of Garmin

Several large investors have recently made changes to their positions in GRMN. State Street Corp raised its holdings in shares of Garmin by 1.8% during 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 purchasing an additional 126,677 shares during the last quarter. Norges Bank purchased a new stake in Garmin in the fourth quarter valued at $395,234,000. Northern Trust Corp grew its position in Garmin by 3.8% during the 4th quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock worth $348,836,000 after purchasing an additional 63,283 shares during the period. Dimensional Fund Advisors LP grew its position in Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after purchasing an additional 40,474 shares during the period. Finally, Disciplined Growth Investors Inc. MN raised its stake in shares of Garmin by 0.4% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after buying an additional 5,213 shares during the last quarter. 81.60% of the stock is owned by hedge funds and other 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.