Garmin Ltd. (NYSE:GRMN) Receives $162.67 Average PT from Brokerages

Garmin Ltd. (NYSE:GRMN) has been given an average rating of “Reduce” by the six brokerages that are covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $162.67.

A number of equities analysts have recently weighed in on the company. Tigress Financial boosted their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays increased their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th.

Garmin Stock Down 1.4 %

GRMN opened at $208.43 on Wednesday. The firm has a market cap of $40.02 billion, a price-to-earnings ratio of 26.59, a price-to-earnings-growth ratio of 3.24 and a beta of 0.97. Garmin has a 52 week low of $118.51 and a 52 week high of $215.55. The business’s 50 day moving average is $179.40 and its two-hundred day moving average is $171.87.

Garmin (NYSE:GRMN) last posted its quarterly earnings data 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 net margin of 25.48% and a return on equity of 17.99%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the firm posted $1.41 EPS. Garmin’s quarterly revenue was up 24.1% on a year-over-year basis. Equities analysts expect that Garmin will post 6.88 EPS for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This represents a 19.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip Straub sold 2,750 shares of Garmin 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 completion of the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The trade was a 3.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,479 shares of company stock valued at $2,419,502. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LBP AM SA grew its holdings in Garmin by 81.4% during the first quarter. LBP AM SA now owns 7,284 shares of the scientific and technical instruments company’s stock worth $1,084,000 after purchasing an additional 3,268 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of Garmin by 3.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after purchasing an additional 5,945 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Garmin by 51.7% during the first quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock worth $4,227,000 after buying an additional 9,681 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Garmin by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 178,073 shares of the scientific and technical instruments company’s stock valued at $26,500,000 after purchasing an additional 7,553 shares in the last quarter. Finally, Twin Tree Management LP bought a new stake in Garmin during the 1st quarter worth approximately $3,680,000. 73.41% of the stock is owned by institutional investors.

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.