Garmin Ltd. (NYSE:GRMN) Receives $152.17 Consensus Target Price from Brokerages

Garmin Ltd. (NYSE:GRMN) has earned a consensus recommendation of “Hold” from the six research firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $152.17.

GRMN has been the subject of a number of recent analyst reports. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Tigress Financial upped their target price on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction on Wednesday, August 21st. The shares were 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 of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Philip Straub sold 2,750 shares of the firm’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 transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,892 shares of company stock worth $2,296,174. 19.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GRMN. Elo Mutual Pension Insurance Co grew its stake in shares of Garmin by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 14,056 shares of the scientific and technical instruments company’s stock valued at $2,290,000 after buying an additional 70 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in Garmin by 3.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after acquiring an additional 73 shares during the last quarter. UMB Bank n.a. increased its stake in Garmin by 2.6% in the 2nd quarter. UMB Bank n.a. now owns 2,879 shares of the scientific and technical instruments company’s stock worth $469,000 after purchasing an additional 74 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in shares of Garmin by 17.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after purchasing an additional 81 shares during the period. Finally, Brighton Jones LLC grew its holdings in shares of Garmin by 5.8% in the second quarter. Brighton Jones LLC now owns 1,522 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 83 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

Garmin Trading Up 1.2 %

GRMN opened at $176.00 on Tuesday. Garmin has a 12 month low of $99.61 and a 12 month high of $184.42. The company has a market cap of $33.81 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 3.04 and a beta of 1.00. The company has a 50 day moving average of $174.80 and a 200 day moving average of $163.67.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the company earned $1.45 earnings per share. Research analysts forecast that Garmin will post 6.05 earnings per share for the current fiscal 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.