ProShare Advisors LLC Grows Holdings in Garmin Ltd. $GRMN

ProShare Advisors LLC lifted its holdings in Garmin Ltd. (NYSE:GRMN) by 8.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,950 shares of the scientific and technical instruments company’s stock after buying an additional 2,368 shares during the quarter. ProShare Advisors LLC’s holdings in Garmin were worth $6,075,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its position in shares of Garmin by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,023 shares of the scientific and technical instruments company’s stock worth $816,000 after buying an additional 380 shares during the period. CDM Financial Counseling Services Inc. purchased a new stake in shares of Garmin in the 4th quarter worth about $416,000. North Dakota State Investment Board purchased a new stake in shares of Garmin in the 4th quarter worth about $1,134,000. Elyxium Wealth LLC purchased a new stake in shares of Garmin in the 4th quarter worth about $60,000. Finally, Independent Solutions Wealth Management LLC grew its position in shares of Garmin by 16.7% in the 4th quarter. Independent Solutions Wealth Management LLC now owns 1,793 shares of the scientific and technical instruments company’s stock worth $364,000 after buying an additional 256 shares during the period. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE:GRMN opened at $240.83 on Friday. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32. The business has a fifty day moving average price of $244.20 and a 200-day moving average price of $222.61. The company has a market capitalization of $46.45 billion, a PE ratio of 26.85, a PEG ratio of 2.82 and a beta of 0.94.

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 for the quarter, beating the consensus estimate 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 period last year, the company earned $1.61 earnings per share. The company’s revenue 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, sell-side analysts anticipate that Garmin Ltd. will post 9.57 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Douglas G. Boessen sold 3,487 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $251.66, for a total transaction of $877,538.42. Following the sale, the chief financial officer directly owned 28,049 shares of the company’s stock, valued at $7,058,811.34. This trade represents a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Clifton A. Pemble sold 19,914 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $251.58, for a total value of $5,009,964.12. Following the sale, the chief executive officer directly owned 124,075 shares in the company, valued at $31,214,788.50. This trade represents a 13.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 39,175 shares of company stock valued at $9,852,187. 15.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on GRMN. Barclays reduced their target price 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. JPMorgan Chase & Co. upped their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Tigress Financial raised their price target on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday. Finally, Morgan Stanley set a $249.00 price target on Garmin in a report on Thursday, April 30th. 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. According to data from MarketBeat, Garmin presently has an average rating of “Moderate Buy” and an average target price of $269.40.

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.