Eventide Asset Management LLC Grows Position in Garmin Ltd. $GRMN

Eventide Asset Management LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN) by 280.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 69,476 shares of the scientific and technical instruments company’s stock after purchasing an additional 51,191 shares during the quarter. Eventide Asset Management LLC’s holdings in Garmin were worth $14,108,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRMN. Atlas Capital Advisors Inc. purchased a new position in Garmin during the 4th quarter valued at approximately $34,000. GraniteShares Advisors LLC purchased a new position in Garmin during the 4th quarter valued at approximately $41,000. Torren Management LLC purchased a new position in shares of Garmin in the 4th quarter worth approximately $41,000. Itau Unibanco Holding S.A. boosted its holdings in shares of Garmin by 23.0% in the 4th quarter. Itau Unibanco Holding S.A. now owns 283 shares of the scientific and technical instruments company’s stock worth $57,000 after purchasing an additional 53 shares during the period. Finally, Elyxium Wealth LLC purchased a new position in shares of Garmin in the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Insider Buying and Selling

In related news, Director Joseph J. Hartnett sold 643 shares of the firm’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 sale, the director directly owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the sale, the chief financial officer directly owned 26,049 shares of the company’s stock, valued at $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 19.54% of the stock is currently owned by company insiders.

Garmin Stock Performance

Shares of Garmin stock opened at $238.23 on Monday. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32. The stock has a market cap of $45.95 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.81 and a beta of 0.91. The stock has a 50 day moving average price of $245.02 and a 200-day moving average price of $227.05.

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, topping 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 analyst estimates of $1.72 billion. During the same period last year, the company earned $1.61 EPS. Garmin’s quarterly revenue was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Sell-side analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on GRMN. Tigress Financial lifted their target price on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a report on Wednesday, May 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. Barclays dropped 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 target price on Garmin in a report on Thursday, April 30th. Finally, Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.40.

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.