Citigroup Inc. Increases Stock Holdings in Garmin Ltd. $GRMN

Citigroup Inc. increased its stake in shares of Garmin Ltd. (NYSE:GRMN) by 26.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 256,112 shares of the scientific and technical instruments company’s stock after acquiring an additional 53,665 shares during the period. Citigroup Inc. owned approximately 0.13% of Garmin worth $63,060,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Garmin by 31.3% in the fourth quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock valued at $401,000 after purchasing an additional 463 shares during the period. NewEdge Advisors LLC lifted its holdings in Garmin by 6.2% in the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock worth $1,278,000 after buying an additional 345 shares in the last quarter. Woodline Partners LP boosted its position in Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock valued at $2,826,000 after buying an additional 3,757 shares during the last quarter. Focus Partners Wealth grew its stake in shares of Garmin by 51.1% during the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock valued at $1,479,000 after acquiring an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its stake in shares of Garmin by 17.0% during the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock valued at $347,000 after acquiring an additional 242 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Trading Down 1.0%

Shares of NYSE GRMN opened at $246.50 on Tuesday. The company has a market capitalization of $47.45 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 2.44 and a beta of 1.00. Garmin Ltd. has a twelve month low of $169.26 and a twelve month high of $261.69. The business has a 50 day simple moving average of $209.53 and a 200-day simple moving average of $220.63.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 EPS for the quarter, topping 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 firm had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, equities analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target on the stock in a research note on Wednesday, December 3rd. Barclays set a $240.00 target price on Garmin in a research report on Thursday. JPMorgan Chase & Co. raised their price target on shares of Garmin from $250.00 to $265.00 and gave the stock a “neutral” rating in a research report on Thursday, February 19th. Morgan Stanley lifted their price target on shares of Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $254.00.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 10,431 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the sale, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 479 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $215.41, for a total value of $103,181.39. Following the completion of the sale, the chief financial officer directly owned 28,488 shares in the company, valued at approximately $6,136,600.08. This trade represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 18,144 shares of company stock worth $3,798,628 in the last quarter. 19.54% of the stock is currently owned by corporate 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.