Brokerages Set Garmin Ltd. (NYSE:GRMN) Target Price at $158.50

Shares of Garmin Ltd. (NYSE:GRMN) have received an average recommendation of “Reduce” from the six analysts that are covering the stock, MarketBeat reports. Three 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 twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $158.50.

A number of equities analysts have recently weighed in on the company. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Tigress Financial raised their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Garmin news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,892 shares of company stock worth $2,296,174. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

A number of hedge funds have recently bought and sold shares of GRMN. AQR Capital Management LLC lifted its stake in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock valued at $115,177,000 after buying an additional 411,084 shares during the period. Renaissance Technologies LLC bought a new stake in Garmin in the second quarter valued at $45,999,000. Marshall Wace LLP raised its holdings in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares during the period. M&G Plc acquired a new stake in shares of Garmin in the 1st quarter valued at about $38,727,000. Finally, Wedge Capital Management L L P NC bought a new stake in Garmin in the 3rd quarter valued at about $45,501,000. Institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

GRMN opened at $166.60 on Friday. The business’s 50-day simple moving average is $173.99 and its 200 day simple moving average is $166.03. Garmin has a 52-week low of $99.61 and a 52-week high of $184.42. The firm has a market capitalization of $32.00 billion, a PE ratio of 23.50, a PEG ratio of 2.85 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the company earned $1.45 earnings per share. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, research analysts forecast that Garmin will post 6.08 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.