Garmin Ltd. (NYSE:GRMN) Receives Average Recommendation of “Reduce” from Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have received a consensus recommendation of “Reduce” from the six analysts that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $158.50.

GRMN has been the subject of a number of analyst reports. Tigress Financial lifted 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. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th.

Insider Transactions at Garmin

In related news, 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 completion of the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. 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 stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred 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 sale, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,892 shares of company stock valued at $2,296,174. 19.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its holdings in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after purchasing an additional 411,084 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Garmin in the 2nd quarter worth about $45,999,000. Marshall Wace LLP lifted its stake in Garmin by 34.0% in the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares during the last quarter. M&G Plc bought a new position in shares of Garmin during the 1st quarter worth $38,727,000. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of Garmin during the 3rd quarter valued at approximately $45,501,000. 73.41% of the stock is owned by institutional investors.

Garmin Stock Performance

Shares of GRMN opened at $161.57 on Friday. The firm has a market capitalization of $31.03 billion, a price-to-earnings ratio of 22.79, a PEG ratio of 2.85 and a beta of 0.99. Garmin has a 52 week low of $99.61 and a 52 week high of $184.42. The business’s fifty day moving average price is $173.68 and its two-hundred day moving average price is $166.11.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.18. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.45 earnings per share. As a group, research analysts forecast that Garmin will post 6.08 EPS 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.