Fideuram Intesa Sanpaolo Private Banking S.P.A. Purchases New Stake in Garmin Ltd. $GRMN

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Garmin Ltd. (NYSE:GRMN) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 19,197 shares of the scientific and technical instruments company’s stock, valued at approximately $3,894,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC grew its position in shares of Garmin by 788.9% during 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 acquiring an additional 142 shares during the period. Torren Management LLC bought a new stake in shares of Garmin in the 4th quarter worth approximately $41,000. GraniteShares Advisors LLC purchased a new position in Garmin in the fourth quarter valued at approximately $41,000. Elyxium Wealth LLC purchased a new position in Garmin in the fourth quarter valued at approximately $60,000. Finally, Root Financial Partners LLC bought a new position in Garmin during the third quarter valued at $76,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on GRMN shares. JPMorgan Chase & Co. boosted their target price on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Barclays cut their price target on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a research note on Thursday, April 30th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Morgan Stanley set a $249.00 price objective on shares of Garmin in a report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.40.

Garmin Stock Performance

Shares of NYSE GRMN opened at $236.95 on Thursday. The stock has a market cap of $45.70 billion, a PE ratio of 26.42, a price-to-earnings-growth ratio of 2.69 and a beta of 0.94. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32. The stock has a fifty day moving average of $244.14 and a 200-day moving average of $222.31.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the firm posted $1.61 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, sell-side analysts predict that Garmin Ltd. will post 9.57 EPS for the current year.

Insider Activity

In other news, CEO Clifton A. Pemble sold 19,914 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.58, for a total value of $5,009,964.12. Following the sale, the chief executive officer directly owned 124,075 shares of the company’s stock, valued at approximately $31,214,788.50. This represents a 13.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Matthew Munn sold 5,275 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $250.97, for a total transaction of $1,323,866.75. Following the completion of the transaction, the executive vice president owned 9,876 shares of the company’s stock, valued at $2,478,579.72. This trade represents a 34.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 40,246 shares of company stock valued at $10,110,041. 15.38% of the stock is currently owned by insiders.

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.