Allstate Corp Has $2.50 Million Stake in Garmin Ltd. $GRMN

Allstate Corp lifted its holdings in shares of Garmin Ltd. (NYSE:GRMN) by 111.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,341 shares of the scientific and technical instruments company’s stock after purchasing an additional 6,508 shares during the quarter. Allstate Corp’s holdings in Garmin were worth $2,503,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC raised its position in shares of Garmin by 788.9% during the third quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after purchasing an additional 142 shares during the period. GraniteShares Advisors LLC bought a new position in shares of Garmin during the fourth quarter worth about $41,000. Torren Management LLC bought a new position in shares of Garmin during the fourth quarter worth about $41,000. Elyxium Wealth LLC bought a new position in shares of Garmin during the fourth quarter worth about $60,000. Finally, Camelot Portfolios LLC bought a new position in shares of Garmin during the fourth quarter worth about $81,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Trading Down 0.7%

Shares of NYSE GRMN opened at $236.19 on Friday. Garmin Ltd. has a 12 month low of $186.67 and a 12 month high of $273.32. The stock has a 50 day moving average of $244.50 and a 200-day moving average of $223.67. The company has a market capitalization of $45.55 billion, a P/E ratio of 26.33, a P/E/G ratio of 2.80 and a beta of 0.94.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping 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 company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the company posted $1.61 EPS. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts predict that Garmin Ltd. will post 9.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on GRMN. Morgan Stanley set a $249.00 price objective on Garmin in a report on Thursday, April 30th. Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Barclays decreased their price objective on Garmin from $240.00 to $238.00 and set an “equal weight” rating for the company in a report on Thursday, April 30th. Tigress Financial raised their price target on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, JPMorgan Chase & Co. raised their price target on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.40.

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.