Garmin Ltd. (NYSE:GRMN) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have been assigned an average recommendation of “Reduce” from the six analysts that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $171.00.

GRMN has been the topic of several analyst reports. Tigress Financial lifted their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research report on Monday, December 16th. Barclays lifted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $155.00 to $138.00 in a report on Monday, October 7th.

Insider Buying and Selling

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. acquired a new stake in shares of Garmin in the fourth quarter worth $29,000. University of Texas Texas AM Investment Management Co. bought a new position in Garmin in the 2nd quarter worth $31,000. Larson Financial Group LLC lifted its position in Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after acquiring an additional 162 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Garmin in the third quarter valued at about $39,000. Finally, Capital Performance Advisors LLP bought a new stake in Garmin during the 3rd quarter valued at approximately $59,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Performance

NYSE GRMN opened at $214.37 on Monday. Garmin has a 1 year low of $119.15 and a 1 year high of $222.97. The business’s fifty day moving average is $211.85 and its two-hundred day moving average is $189.20. The stock has a market capitalization of $41.16 billion, a P/E ratio of 27.20, a P/E/G ratio of 1.31 and a beta of 0.98.

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

Garmin Company Profile

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.