Garmin Ltd. (NYSE:GRMN) Receives Consensus Rating 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 company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $158.50.

GRMN has been the subject of a number of recent analyst reports. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $155.00 to $138.00 in a research 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. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th.

Insider Activity at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Garmin news, Director Philip Straub sold 2,750 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Cheng-Wei Wang sold 10,055 shares of the company’s 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 directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 over the last 90 days. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Several hedge funds and other institutional investors have recently modified their holdings of GRMN. Sumitomo Life Insurance Co. grew its stake in shares of Garmin by 0.9% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 6,686 shares of the scientific and technical instruments company’s stock valued at $1,177,000 after acquiring an additional 61 shares during the period. Elo Mutual Pension Insurance Co boosted its position in shares of Garmin by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock worth $2,290,000 after purchasing an additional 70 shares during the period. Dorsey & Whitney Trust CO LLC increased its stake in shares of Garmin by 3.3% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after purchasing an additional 73 shares in the last quarter. UMB Bank n.a. raised its position in shares of Garmin by 2.6% during the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock valued at $469,000 after purchasing an additional 74 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Garmin by 17.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after buying an additional 81 shares in the last quarter. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Up 0.6 %

GRMN opened at $167.49 on Friday. The business’s fifty day simple moving average is $174.03 and its 200 day simple moving average is $165.60. Garmin has a 52 week low of $99.61 and a 52 week high of $184.42. The stock has a market cap of $32.17 billion, a PE ratio of 23.62, a P/E/G ratio of 2.85 and a beta of 0.99.

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 firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the firm earned $1.45 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities analysts anticipate that Garmin will post 6.08 earnings per share for the current year.

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.