Garmin Ltd. (NYSE:GRMN) Receives $162.67 Average Price Target from Analysts

Garmin Ltd. (NYSE:GRMN) has been assigned a consensus recommendation of “Reduce” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $162.67.

A number of equities research analysts have recently weighed in on GRMN shares. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Tigress Financial raised their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th. Barclays raised their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th.

Insider Buying and Selling at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. FMR LLC grew its holdings in shares of 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 in the last quarter. AQR Capital Management LLC grew its holdings in shares of Garmin by 136.7% during the 2nd 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. Montrusco Bolton Investments Inc. acquired a new stake in shares of Garmin during the 3rd quarter worth approximately $53,252,000. Renaissance Technologies LLC acquired a new stake in shares of Garmin during the 2nd quarter worth approximately $45,999,000. Finally, Marshall Wace LLP grew its holdings in shares of Garmin by 34.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock worth $178,958,000 after purchasing an additional 278,990 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Trading Down 2.2 %

Shares of Garmin stock opened at $215.97 on Friday. The stock has a 50-day moving average price of $194.68 and a 200 day moving average price of $178.51. The company has a market cap of $41.47 billion, a P/E ratio of 27.41, a P/E/G ratio of 1.44 and a beta of 0.97. Garmin has a 1 year low of $119.15 and a 1 year high of $222.97.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the business earned $1.41 EPS. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, equities analysts forecast that Garmin will post 7.01 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.