CIBC Asset Management Inc Buys 17,030 Shares of Garmin Ltd. $GRMN

CIBC Asset Management Inc boosted its stake in shares of Garmin Ltd. (NYSE:GRMN) by 103.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,568 shares of the scientific and technical instruments company’s stock after acquiring an additional 17,030 shares during the quarter. CIBC Asset Management Inc’s holdings in Garmin were worth $6,809,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Garmin by 2.5% during 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 buying an additional 499,235 shares during the last quarter. State Street Corp boosted its holdings in shares of Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock valued at $1,785,304,000 after purchasing an additional 126,677 shares during the period. Norges Bank purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $395,234,000. Dimensional Fund Advisors LP boosted its holdings in shares of Garmin by 1.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,494,519 shares of the scientific and technical instruments company’s stock valued at $367,964,000 after purchasing an additional 16,622 shares during the period. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in shares of Garmin by 0.4% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock valued at $296,250,000 after purchasing an additional 5,213 shares during the period. Institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on GRMN. Barclays lowered their price target on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Wall Street Zen upgraded Garmin from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley set a $249.00 price target on Garmin in a research report on Thursday, April 30th. One investment 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

Garmin Stock Performance

Shares of GRMN opened at $236.62 on Friday. The business’s 50-day moving average is $244.62 and its two-hundred day moving average is $225.18. The company has a market capitalization of $45.63 billion, a P/E ratio of 26.38, a P/E/G ratio of 2.86 and a beta of 0.91. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32.

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

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.