Bowen Hanes & Co. Inc. Cuts Position in Garmin Ltd. $GRMN

Bowen Hanes & Co. Inc. lessened its holdings in Garmin Ltd. (NYSE:GRMN) by 89.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,535 shares of the scientific and technical instruments company’s stock after selling 189,900 shares during the period. Bowen Hanes & Co. Inc.’s holdings in Garmin were worth $4,774,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CIBC Asset Management Inc lifted its stake in Garmin by 103.0% in the fourth quarter. CIBC Asset Management Inc now owns 33,568 shares of the scientific and technical instruments company’s stock valued at $6,809,000 after purchasing an additional 17,030 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Garmin by 32.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,289,156 shares of the scientific and technical instruments company’s stock valued at $261,505,000 after purchasing an additional 315,163 shares during the last quarter. Beto Financial Group LLC purchased a new position in Garmin in the fourth quarter valued at approximately $296,000. AXQ Capital LP purchased a new position in Garmin in the fourth quarter valued at approximately $960,000. Finally, Crestmont Private Wealth LLC lifted its stake in Garmin by 11.6% in the fourth quarter. Crestmont Private Wealth LLC now owns 1,215 shares of the scientific and technical instruments company’s stock valued at $246,000 after purchasing an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GRMN shares. Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Tigress Financial upped their price objective on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. upped their price objective on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Barclays dropped their price objective on 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, Morgan Stanley set a $249.00 price objective on Garmin in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $269.40.

Garmin Price Performance

NYSE:GRMN opened at $237.72 on Thursday. The company has a market cap of $45.85 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.85 and a beta of 0.91. The stock’s fifty day moving average price is $244.75 and its two-hundred day moving average price is $224.75. Garmin Ltd. has a 1 year low of $186.67 and a 1 year 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 firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.61 earnings per share. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, analysts expect that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

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.