Garmin (NYSE:GRMN) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Garmin Ltd. (NYSE:GRMN)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $183.03 and traded as high as $208.18. Garmin shares last traded at $206.26, with a volume of 496,060 shares traded.

Analyst Upgrades and Downgrades

GRMN has been the topic of a number of recent research reports. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays increased 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 boosted their target price on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Finally, Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $171.00.

Garmin Trading Down 0.8 %

The stock has a market capitalization of $39.28 billion, a P/E ratio of 25.96, a P/E/G ratio of 1.46 and a beta of 0.97. The business has a 50-day moving average price of $206.91 and a two-hundred day moving average price of $183.19.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the business posted $1.41 earnings per share. Garmin’s revenue was up 24.1% compared to the same quarter last year. On average, sell-side analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garmin

Several large investors have recently bought and sold shares of the company. State Street Corp raised its stake in shares of Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after acquiring an additional 134,303 shares during the last quarter. Geode Capital Management LLC raised its position in Garmin by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock worth $765,912,000 after purchasing an additional 112,815 shares during the last quarter. FMR LLC raised its position in Garmin by 40.8% during the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after purchasing an additional 1,093,219 shares during the last quarter. Select Equity Group L.P. lifted its holdings in Garmin by 0.6% during the 2nd quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after buying an additional 11,666 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Garmin by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after buying an additional 13,968 shares during the last quarter. 81.60% of the stock is currently 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.