Garmin Ltd. $GRMN Shares Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC lifted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 92.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,677 shares of the scientific and technical instruments company’s stock after purchasing an additional 4,158 shares during the period. Convergence Investment Partners LLC’s holdings in Garmin were worth $2,013,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Garmin by 31.3% during the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after buying an additional 463 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Garmin by 6.2% in the first 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 during the period. Woodline Partners LP increased its position in shares of Garmin by 40.6% in the first quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock worth $2,826,000 after acquiring an additional 3,757 shares in the last quarter. Focus Partners Wealth increased its position in shares of Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock worth $1,479,000 after acquiring an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC raised its holdings 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 during the period. Institutional investors and hedge funds own 81.60% of the company’s stock.

Insider Activity at Garmin

In other news, CFO Douglas G. Boessen sold 2,000 shares of the stock in a transaction on Friday, June 5th. The shares were 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 represents a 7.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at approximately $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. Insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

GRMN has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Barclays lowered their price objective on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. Morgan Stanley set a $249.00 target price on shares of Garmin in a research note on Thursday, April 30th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. raised their target price on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Garmin currently has an average rating of “Moderate Buy” and an average target price of $269.40.

Garmin Price Performance

GRMN opened at $245.23 on Tuesday. The company has a market capitalization of $47.29 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32. The business has a 50-day moving average of $238.23 and a 200-day moving average of $233.94.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, equities research analysts expect that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

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.