Peloton Wealth Strategists Purchases New Position in Garmin Ltd. $GRMN

Peloton Wealth Strategists acquired a new position in Garmin Ltd. (NYSE:GRMN) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 9,325 shares of the scientific and technical instruments company’s stock, valued at approximately $1,892,000.

A number of other hedge funds have also bought and sold shares of GRMN. Norges Bank purchased a new stake in shares of Garmin during the fourth quarter worth $395,234,000. Alliancebernstein L.P. boosted its holdings in shares of Garmin by 649.2% in the third quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after acquiring an additional 1,088,938 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Garmin in the fourth quarter valued at $214,382,000. Vanguard Group Inc. grew its position in shares of Garmin by 2.5% in the third 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 in the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Garmin during the 4th quarter valued at $68,106,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Barclays reduced their target price on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Morgan Stanley set a $249.00 price target on shares of Garmin in a report on Thursday, April 30th. Tigress Financial raised their price objective on shares of Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.40.

Garmin Stock Down 1.1%

Garmin stock opened at $235.45 on Wednesday. The stock has a market cap of $45.41 billion, a price-to-earnings ratio of 26.25, a PEG ratio of 2.81 and a beta of 0.91. The business has a 50-day simple moving average of $245.00 and a 200 day simple moving average of $227.66. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32.

Garmin (NYSE:GRMN) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter last year, the company posted $1.61 EPS. The company’s revenue for the quarter 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, research analysts anticipate that Garmin Ltd. will post 9.53 earnings per share for the current year.

Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. The trade was a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 19.54% of the company’s stock.

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.