Garmin Ltd. (NYSE:GRMN) Given Average Rating of “Hold” by Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have been given an average rating of “Hold” by the six research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $152.17.

A number of research firms recently weighed in on GRMN. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $181.00 to $133.00 in a report on Friday, September 13th.

Garmin Stock Up 2.8 %

NYSE:GRMN opened at $175.81 on Tuesday. The stock’s 50-day simple moving average is $174.60 and its 200 day simple moving average is $162.87. Garmin has a twelve month low of $99.61 and a twelve month high of $184.42. The firm has a market capitalization of $33.77 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company earned $1.45 EPS. Garmin’s revenue was up 14.3% compared to the same quarter last year. On average, analysts anticipate that Garmin will post 6.05 EPS for the current fiscal year.

Insider Activity at Garmin

In related news, Director Philip Straub sold 2,750 shares of the business’s 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 sale, 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 filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction 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 directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on 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 in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold 12,892 shares of company stock worth $2,296,174 in the last quarter. Company insiders own 19.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin in the 2nd quarter worth approximately $31,000. Sanctuary Advisors LLC purchased a new position in shares of Garmin during the 2nd quarter valued at about $1,424,000. Truist Financial Corp lifted its position in 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 worth $1,099,000 after buying an additional 148 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new stake in Garmin in the second quarter worth approximately $595,000. Finally, Creative Planning grew its position in Garmin by 7.6% during the second quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock valued at $5,456,000 after acquiring an additional 2,380 shares during the last quarter. 73.41% of the stock is 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.