Elo Mutual Pension Insurance Co Buys 2,821 Shares of Garmin Ltd. $GRMN

Elo Mutual Pension Insurance Co increased its stake in Garmin Ltd. (NYSE:GRMN) by 25.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,791 shares of the scientific and technical instruments company’s stock after acquiring an additional 2,821 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Garmin were worth $3,396,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GRMN. Vanguard Group Inc. increased its position in shares of Garmin by 2.5% during the third 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 acquiring an additional 499,235 shares during the period. Artisan Partners Limited Partnership boosted its holdings 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 purchasing an additional 356,161 shares during the period. Geode Capital Management LLC grew its stake in Garmin by 1.3% in the second 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. Norges Bank purchased a new position in Garmin during the 2nd quarter worth $410,304,000. Finally, Disciplined Growth Investors Inc. MN raised its position in 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 purchasing an additional 5,213 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GRMN. Longbow Research raised Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target on the stock in a research report on Wednesday, December 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Tigress Financial raised their target price on shares of Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a research report on Friday, February 20th. Barclays set a $240.00 price target on shares of Garmin in a research report on Thursday, February 19th. Finally, Zacks Research upgraded shares of Garmin from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Moderate Buy” and an average price target of $254.00.

Insider Activity

In related news, VP Susan Lyman sold 3,805 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $251.32, for a total transaction of $956,272.60. Following the transaction, the vice president directly owned 7,471 shares of the company’s stock, valued at $1,877,611.72. This represents a 33.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Douglas G. Boessen sold 3,487 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.66, for a total value of $877,538.42. Following the completion of the sale, the chief financial officer owned 28,049 shares of the company’s stock, valued at approximately $7,058,811.34. This trade represents a 11.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 57,319 shares of company stock worth $13,650,815 over the last quarter. Company insiders own 19.54% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $251.05 on Wednesday. The company’s 50-day simple moving average is $215.42 and its 200-day simple moving average is $221.45. Garmin Ltd. has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The stock has a market capitalization of $48.32 billion, a P/E ratio of 29.19, a P/E/G ratio of 3.05 and a beta of 0.94.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.40. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The company had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. Garmin’s revenue for the quarter was up 16.6% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 12th will be given a $1.05 dividend. The ex-dividend date of this dividend is Friday, March 12th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.7%. Garmin’s dividend payout ratio (DPR) is presently 41.86%.

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.