Allspring Global Investments Holdings LLC Boosts Position in Garmin Ltd. $GRMN

Allspring Global Investments Holdings LLC boosted its holdings in Garmin Ltd. (NYSE:GRMN) by 9.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,606 shares of the scientific and technical instruments company’s stock after purchasing an additional 7,382 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Garmin were worth $20,337,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Reflection Asset Management acquired a new stake in Garmin during the fourth quarter worth approximately $32,000. Archer Investment Corp purchased a new stake in shares of Garmin during the 1st quarter worth approximately $37,000. Atlas Capital Advisors Inc. acquired a new position in shares of Garmin in the 4th quarter valued at $34,000. Torren Management LLC acquired a new position in shares of Garmin in the 4th quarter valued at $41,000. Finally, GraniteShares Advisors LLC purchased a new position in shares of Garmin in the 4th quarter valued at $41,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GRMN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Morgan Stanley set a $249.00 target price on Garmin in a research report on Thursday, April 30th. Finally, Barclays reduced 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Garmin has a consensus rating of “Moderate Buy” and an average target price of $269.40.

Insider Activity at Garmin

In other Garmin news, Director Joseph J. Hartnett sold 643 shares of the business’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 transaction, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Douglas G. Boessen sold 2,000 shares of the 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 transaction, the chief financial officer directly owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 14.80% of the company’s stock.

Garmin Stock Performance

GRMN stock opened at $245.23 on Tuesday. The stock has a market capitalization of $47.30 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The company has a fifty day moving average of $238.23 and a 200-day moving average of $233.94. Garmin Ltd. has a one year low of $186.67 and a one year high of $273.32.

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. 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 business’s revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Equities analysts forecast that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

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.