Garmin (NYSE:GRMN) Upgraded at Zacks Research

Zacks Research upgraded shares of Garmin (NYSE:GRMN) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Several other equities analysts have also recently commented on GRMN. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 price target on the stock in a report on Wednesday, December 3rd. Barclays set a $240.00 price objective on Garmin in a research report on Thursday, February 19th. Tigress Financial boosted their target price on Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a research note on Friday, February 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Finally, Morgan Stanley boosted their price target on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Garmin currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.00.

Garmin Price Performance

Shares of GRMN opened at $251.66 on Monday. The business’s 50-day moving average is $211.42 and its 200-day moving average is $220.98. The company has a market capitalization of $48.44 billion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 2.48 and a beta of 1.00. Garmin has a fifty-two week low of $169.26 and a fifty-two week high of $261.69.

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

Garmin Announces Dividend

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 given a dividend of $1.05 per share. 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 currently 41.86%.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 10,431 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer directly owned 135,180 shares in the company, valued at approximately $27,878,171.40. The trade was 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 this hyperlink. Also, COO Patrick Desbois sold 3,678 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $210.40, for a total transaction of $773,851.20. Following the sale, the chief operating officer owned 61,798 shares in the company, valued at $13,002,299.20. This trade represents a 5.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 18,144 shares of company stock worth $3,798,628. Company insiders own 15.38% of the company’s stock.

Institutional Investors Weigh In On Garmin

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Garmin by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock valued at $4,973,044,000 after purchasing an additional 499,235 shares during the period. State Street Corp grew 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 buying an additional 126,677 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Garmin by 6.4% during the second quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock worth $1,229,810,000 after buying an additional 356,161 shares in the last quarter. Geode Capital Management LLC raised its position in Garmin by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock valued at $958,405,000 after buying an additional 59,321 shares during the last quarter. Finally, Norges Bank bought a new stake in Garmin in the 2nd quarter valued at approximately $410,304,000. 81.60% of the stock is owned by 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.