Wall Street Zen Downgrades Garmin (NYSE:GRMN) to Hold

Garmin (NYSE:GRMN) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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

Garmin Trading Up 0.0%

Shares of GRMN stock opened at $234.22 on Friday. Garmin has a twelve month low of $186.67 and a twelve month high of $273.32. The stock has a fifty day simple moving average of $244.28 and a two-hundred day simple moving average of $228.24. The stock has a market capitalization of $45.17 billion, a price-to-earnings ratio of 26.11, a P/E/G ratio of 2.77 and a beta of 0.91.

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

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of the 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph J. Hartnett sold 643 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total transaction of $169,475.51. Following the sale, the director directly owned 21,277 shares of the company’s stock, valued at $5,607,978.89. The trade was a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 15.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garmin

A number of large investors have recently made changes to their positions in the business. GSA Capital Partners LLP purchased a new position in Garmin during the 4th quarter worth approximately $979,000. ARK Investment Management LLC boosted its holdings in shares of Garmin by 10.9% in the 3rd quarter. ARK Investment Management LLC now owns 28,925 shares of the scientific and technical instruments company’s stock valued at $7,122,000 after acquiring an additional 2,852 shares during the last quarter. Diversified Trust Co. boosted its holdings in shares of Garmin by 123.1% in the 4th quarter. Diversified Trust Co. now owns 8,248 shares of the scientific and technical instruments company’s stock valued at $1,673,000 after acquiring an additional 4,551 shares during the last quarter. DB Fitzpatrick & Co Inc acquired a new stake in shares of Garmin in the fourth quarter worth $1,439,000. Finally, DNB Asset Management AS increased its stake in shares of Garmin by 6.8% in the third quarter. DNB Asset Management AS now owns 32,438 shares of the scientific and technical instruments company’s stock worth $7,987,000 after acquiring an additional 2,060 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.

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.