Garmin (NYSE:GRMN) Sets New 12-Month High – What’s Next?

Shares of Garmin Ltd. (NYSE:GRMN) hit a new 52-week high during trading on Thursday . The company traded as high as $215.55 and last traded at $214.55, with a volume of 95463 shares traded. The stock had previously closed at $212.98.

Analyst Ratings Changes

A number of analysts have commented on GRMN shares. Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Tigress Financial raised their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $162.67.

Garmin Trading Down 0.2 %

The company has a 50 day moving average price of $178.79 and a 200 day moving average price of $171.60. The company has a market capitalization of $40.82 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 3.25 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. Equities analysts predict that Garmin Ltd. will post 6.88 earnings per share for the current year.

Insider Activity

In related news, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,479 shares of company stock valued at $2,419,502. Company insiders own 19.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GRMN. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Garmin during the first quarter worth about $253,000. Russell Investments Group Ltd. boosted its position in 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 during the last quarter. Avantax Advisory Services Inc. boosted its position in Garmin by 5.9% during the first quarter. Avantax Advisory Services Inc. now owns 2,314 shares of the scientific and technical instruments company’s stock valued at $344,000 after purchasing an additional 128 shares during the last quarter. ProShare Advisors LLC boosted its position in Garmin by 36.9% during the first quarter. ProShare Advisors LLC now owns 27,307 shares of the scientific and technical instruments company’s stock valued at $4,065,000 after purchasing an additional 7,367 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its position in Garmin by 2.5% during the first quarter. Bleakley Financial Group LLC now owns 4,593 shares of the scientific and technical instruments company’s stock valued at $684,000 after purchasing an additional 110 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

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.