Garmin (NYSE:GRMN) Stock Price Expected to Rise, Barclays Analyst Says

Garmin (NYSE:GRMN) had its target price upped by Barclays from $133.00 to $158.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an underweight rating on the scientific and technical instruments company’s stock.

Several other equities research analysts have also issued reports on GRMN. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial raised their price objective 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 lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $162.67.

Garmin Stock Down 0.1 %

Garmin stock traded down $0.17 during midday trading on Friday, reaching $198.18. 1,708,179 shares of the stock traded hands, compared to its average volume of 854,782. The stock’s fifty day moving average is $174.22 and its 200-day moving average is $167.62. Garmin has a 12 month low of $112.01 and a 12 month high of $207.22. The stock has a market cap of $38.09 billion, a P/E ratio of 25.15, a PEG ratio of 3.52 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company earned $1.41 earnings per share. The firm’s revenue was up 24.1% on a year-over-year basis. On average, equities analysts predict that Garmin will post 6.09 EPS for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, 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 transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 transaction, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Objective Capital Management LLC purchased a new position in shares of Garmin in the 3rd quarter valued at $347,000. Assetmark Inc. increased its holdings in shares of Garmin by 24.6% in the 3rd quarter. Assetmark Inc. now owns 8,005 shares of the scientific and technical instruments company’s stock valued at $1,409,000 after acquiring an additional 1,580 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Garmin in the 3rd quarter valued at $11,840,000. Capital Performance Advisors LLP purchased a new position in shares of Garmin in the 3rd quarter valued at $59,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of Garmin in the 3rd quarter valued at $214,000. 73.41% of the stock is currently owned by hedge funds and other 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.