Man Group plc Raises Stake in Garmin Ltd. $GRMN

Man Group plc boosted its position in Garmin Ltd. (NYSE:GRMN) by 232.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 812,390 shares of the scientific and technical instruments company’s stock after purchasing an additional 567,711 shares during the period. Man Group plc’s holdings in Garmin were worth $164,793,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. ARK Investment Management LLC boosted its position in Garmin by 10.9% in the third quarter. ARK Investment Management LLC now owns 28,925 shares of the scientific and technical instruments company’s stock valued at $7,122,000 after buying an additional 2,852 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Garmin in the fourth quarter valued at approximately $979,000. Diversified Trust Co. boosted its position in Garmin by 123.1% in the 4th quarter. Diversified Trust Co. now owns 8,248 shares of the scientific and technical instruments company’s stock worth $1,673,000 after purchasing an additional 4,551 shares in the last quarter. DB Fitzpatrick & Co Inc purchased a new stake in Garmin in the 4th quarter worth approximately $1,439,000. Finally, DNB Asset Management AS boosted its position in Garmin by 6.8% in the 3rd quarter. DNB Asset Management AS now owns 32,438 shares of the scientific and technical instruments company’s stock worth $7,987,000 after purchasing an additional 2,060 shares in the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer owned 26,049 shares in the company, valued at $6,197,317.59. This trade represents a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 15.38% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on GRMN. Morgan Stanley set a $249.00 price objective on Garmin in a research report on Thursday, April 30th. Barclays lowered their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. Wall Street Zen upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Tigress Financial upped their price objective on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. upped their price objective on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. One research 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $269.40.

Garmin Trading Down 1.1%

Garmin stock opened at $232.30 on Thursday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $273.32. The firm has a market cap of $44.80 billion, a PE ratio of 25.90, a P/E/G ratio of 2.78 and a beta of 0.91. The stock’s 50 day simple moving average is $244.78 and its two-hundred day simple moving average is $227.92.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm posted $1.61 EPS. The business’s 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, equities research analysts forecast that Garmin Ltd. will post 9.53 EPS for the current year.

Garmin 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.