Garmin Ltd. (NYSE:GRMN) Short Interest Up 33.2% in February
by Jessica Moore · The Cerbat GemGarmin Ltd. (NYSE:GRMN – Get Free Report) was the recipient of a large increase in short interest in the month of February. As of February 13th, there was short interest totaling 4,031,945 shares, an increase of 33.2% from the January 29th total of 3,028,012 shares. Based on an average trading volume of 1,026,351 shares, the days-to-cover ratio is presently 3.9 days. Currently, 2.6% of the shares of the company are sold short. Currently, 2.6% of the shares of the company are sold short. Based on an average trading volume of 1,026,351 shares, the days-to-cover ratio is presently 3.9 days.
Insider Activity
In related news, EVP Matthew Munn sold 5,275 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $250.97, for a total value of $1,323,866.75. Following the completion of the sale, the executive vice president owned 9,876 shares of the company’s stock, valued at $2,478,579.72. This represents a 34.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Douglas G. Boessen sold 3,487 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $251.66, for a total transaction of $877,538.42. Following the completion of the transaction, the chief financial officer owned 28,049 shares of the company’s stock, valued at $7,058,811.34. This represents a 11.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,319 shares of company stock worth $13,650,815 over the last ninety days. 19.54% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Garmin
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Garmin during the 2nd quarter valued at $410,304,000. Vanguard Group Inc. grew its stake in Garmin by 6.9% in the second 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 purchasing an additional 1,273,163 shares in the last quarter. Alliancebernstein L.P. increased its position in Garmin by 649.2% in the 3rd quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock worth $309,417,000 after purchasing an additional 1,088,938 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Garmin during the 4th quarter worth about $214,382,000. Finally, Amundi lifted its holdings in shares of Garmin by 138.0% during the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock valued at $247,255,000 after buying an additional 671,859 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.
Garmin Stock Up 0.2%
Shares of Garmin stock traded up $0.61 during trading on Wednesday, hitting $251.30. The stock had a trading volume of 1,051,511 shares, compared to its average volume of 1,078,159. Garmin has a 1 year low of $169.26 and a 1 year high of $261.69. The stock has a 50 day simple moving average of $216.35 and a 200 day simple moving average of $221.66. The company has a market capitalization of $48.37 billion, a PE ratio of 29.22, a P/E/G ratio of 3.05 and a beta of 0.94.
Garmin (NYSE:GRMN – Get Free Report) last announced its earnings results on Wednesday, February 18th. The scientific and technical instruments company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.39 by $0.40. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.01 billion. Garmin had a net margin of 22.96% and a return on equity of 19.64%. The company’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.41 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. As a group, equities analysts expect that Garmin will post 7.8 earnings per share for the current fiscal year.
Garmin Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 26th. Investors of record on Friday, March 12th will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, March 12th. Garmin’s dividend payout ratio (DPR) is currently 41.86%.
Wall Street Analyst Weigh In
GRMN has been the topic of a number of research analyst reports. Barclays set a $240.00 target price on Garmin in a report on Thursday, February 19th. Zacks Research upgraded shares of Garmin from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Thursday, January 22nd. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research note on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Garmin from $250.00 to $265.00 and gave the stock a “neutral” rating in a research report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $254.00.
Get Our Latest Stock Report on GRMN
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.