Elo Mutual Pension Insurance Co Acquires 2,821 Shares of Garmin Ltd. $GRMN

Elo Mutual Pension Insurance Co increased its holdings in Garmin Ltd. (NYSE:GRMN) by 25.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,791 shares of the scientific and technical instruments company’s stock after purchasing an additional 2,821 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Garmin were worth $3,396,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Garmin in the second quarter worth $410,304,000. Vanguard Group Inc. increased its holdings in Garmin by 6.9% in the 2nd quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock valued at $4,111,435,000 after acquiring an additional 1,273,163 shares during the last quarter. Amundi lifted its stake in Garmin by 138.0% in the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock worth $247,255,000 after purchasing an additional 671,859 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after purchasing an additional 356,161 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Garmin by 643.3% during the second quarter. KBC Group NV now owns 202,874 shares of the scientific and technical instruments company’s stock valued at $42,344,000 after purchasing an additional 175,582 shares in the last quarter. 81.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Patrick Desbois sold 6,694 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $251.65, for a total value of $1,684,545.10. Following the sale, the chief operating officer directly owned 58,540 shares in the company, valued at approximately $14,731,591. This represents a 10.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 19,914 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was 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 of the company’s stock, valued at $31,214,788.50. This represents a 13.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,319 shares of company stock valued at $13,650,815 over the last quarter. Corporate insiders own 19.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GRMN shares. Tigress Financial increased their price target on Garmin from $310.00 to $320.00 and gave the company a “strong-buy” rating in a research note on Friday, February 20th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research report on Wednesday, December 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Barclays set a $240.00 price target on shares of Garmin in a research note on Thursday, February 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Garmin from $250.00 to $265.00 and gave the stock a “neutral” rating in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $254.00.

Garmin Stock Performance

NYSE:GRMN opened at $251.05 on Wednesday. The firm has a market capitalization of $48.32 billion, a PE ratio of 29.19, a PEG ratio of 3.05 and a beta of 0.94. The stock’s fifty day moving average is $215.42 and its 200 day moving average is $221.45. Garmin Ltd. 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 data on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.40. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the business posted $2.41 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 12th will be given a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, March 12th. Garmin’s dividend payout ratio is 41.86%.

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.