Garmin Ltd. (NYSE:GRMN) Receives $156.83 Consensus Target Price from Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have received an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $156.83.

A number of analysts recently commented on GRMN shares. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Finally, Tigress Financial boosted their price objective on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th.

Insider Transactions at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Patrick Desbois sold 4,126 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares in the company, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. Insiders have sold a total of 16,618 shares of company stock worth $2,851,673 in the last three months. Company insiders own 19.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Truist Financial Corp raised its stake in shares of Garmin by 2.2% in the 2nd quarter. Truist Financial Corp now owns 6,743 shares of the scientific and technical instruments company’s stock valued at $1,099,000 after acquiring an additional 148 shares during the period. Magnolia Capital Advisors LLC purchased a new stake in Garmin during the 2nd quarter worth $595,000. Creative Planning increased its holdings in Garmin by 7.6% in the 2nd quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock valued at $5,456,000 after purchasing an additional 2,380 shares in the last quarter. Algert Global LLC acquired a new position in shares of Garmin during the second quarter worth about $508,000. Finally, Scientech Research LLC purchased a new stake in shares of Garmin in the second quarter worth about $337,000. 73.41% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of NYSE GRMN opened at $183.29 on Friday. The firm’s 50-day moving average is $169.98 and its two-hundred day moving average is $157.93. The company has a market capitalization of $35.23 billion, a PE ratio of 25.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.98. Garmin has a 12-month low of $99.61 and a 12-month high of $183.88.

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

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Friday, March 14th. Garmin’s dividend payout ratio is currently 42.31%.

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.