Garmin Ltd. (NYSE:GRMN) Receives $171.00 Consensus Price Target from Brokerages

Shares of Garmin Ltd. (NYSE:GRMN) have earned an average rating of “Reduce” from the six research firms that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $171.00.

Several analysts have issued reports on the company. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial increased their target price on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin in the 2nd quarter valued at approximately $31,000. Larson Financial Group LLC raised its holdings in Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares in the last quarter. Benjamin Edwards Inc. lifted its position in Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of Garmin during the 3rd quarter valued at $39,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Garmin in the 2nd quarter worth about $46,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Performance

Garmin stock opened at $211.25 on Thursday. Garmin has a fifty-two week low of $119.15 and a fifty-two week high of $222.97. The stock has a market cap of $40.57 billion, a P/E ratio of 26.81, a price-to-earnings-growth ratio of 1.42 and a beta of 0.98. The firm’s fifty day moving average price is $210.46 and its 200-day moving average price is $184.84.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the business posted $1.41 earnings per share. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, analysts predict that Garmin will post 7.01 earnings per share for the current year.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.