Garmin Ltd. (NYSE:GRMN) Receives $156.83 Average PT from Brokerages

Shares of Garmin Ltd. (NYSE:GRMN) have received a consensus rating of “Hold” from the six research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $156.83.

Several research analysts have recently issued reports on GRMN shares. StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Tigress Financial lifted their target price on Garmin from $175.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd.

Insider Transactions at Garmin

In other Garmin 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 completion of the sale, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The disclosure for this sale can be found here. Insiders have sold a total of 16,618 shares of company stock worth $2,851,673 in the last ninety days. Insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Truist Financial Corp boosted its position in shares of Garmin by 2.2% in the second quarter. Truist Financial Corp now owns 6,743 shares of the scientific and technical instruments company’s stock worth $1,099,000 after purchasing an additional 148 shares during the period. Magnolia Capital Advisors LLC bought a new position in Garmin in the 2nd quarter worth $595,000. Creative Planning increased its stake in Garmin by 7.6% in the 2nd quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock worth $5,456,000 after buying an additional 2,380 shares in the last quarter. Algert Global LLC bought a new stake in Garmin during the second quarter valued at about $508,000. Finally, Scientech Research LLC bought a new stake in Garmin during the second quarter valued at about $337,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Stock Performance

Shares of NYSE GRMN opened at $183.29 on Friday. The company has a 50 day simple moving average of $169.98 and a two-hundred day simple moving average of $157.93. Garmin has a fifty-two week low of $99.61 and a fifty-two week high of $183.88. The company has a market capitalization of $35.23 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 3.17 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business earned $1.45 earnings per share. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. On average, analysts forecast that Garmin will post 6.05 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a dividend yield of 1.64%. Garmin’s payout ratio is 42.31%.

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.