Garmin Ltd. (NYSE:GRMN) Receives $162.67 Consensus Target Price from Analysts

Garmin Ltd. (NYSE:GRMN) has earned a consensus recommendation of “Reduce” from the six analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, two have assigned 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 $162.67.

GRMN has been the subject of several research analyst reports. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Barclays upped their price target on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th.

Garmin Stock Performance

GRMN opened at $219.29 on Friday. The stock’s 50 day moving average price is $191.84 and its 200-day moving average price is $177.56. Garmin has a 52-week low of $119.15 and a 52-week high of $220.78. The stock has a market capitalization of $42.11 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) 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 business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm earned $1.41 EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. Research analysts forecast that Garmin will post 7.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction that occurred 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 sale, the director now owns 6,147 shares in the company, valued at $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin during the 2nd quarter valued at about $31,000. Larson Financial Group LLC boosted 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 during the last quarter. Family Firm Inc. purchased a new stake in Garmin in the second quarter worth approximately $35,000. Benjamin Edwards Inc. grew its position in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new stake in Garmin during the 3rd quarter valued at $39,000. 81.60% of the stock is owned by institutional investors.

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.