Analysts Set Garmin Ltd. (NYSE:GRMN) Price Target at $158.50

Garmin Ltd. (NYSE:GRMN) has earned a consensus rating of “Reduce” from the six research firms that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $158.50.

Several research firms have commented on GRMN. 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 research report on Thursday, September 19th. Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th. Finally, StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th.

Garmin Price Performance

NYSE:GRMN opened at $166.60 on Friday. Garmin has a one year low of $99.61 and a one year high of $184.42. The company has a market cap of $32.00 billion, a PE ratio of 23.50, a PEG ratio of 2.85 and a beta of 0.99. The firm has a 50-day moving average of $173.99 and a 200-day moving average of $166.03.

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 for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the business earned $1.45 EPS. The business’s revenue was up 14.3% on a year-over-year basis. On average, equities research analysts expect that Garmin will post 6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Garmin news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares of the company’s stock, valued at $16,081,348.12. This 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 is available through this link. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction dated 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 completion of the transaction, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock valued at $2,296,174 over the last ninety days. 19.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Garmin

Several hedge funds have recently bought and sold shares of GRMN. Allspring Global Investments Holdings LLC boosted its stake in Garmin by 172.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 48,351 shares of the scientific and technical instruments company’s stock valued at $8,511,000 after buying an additional 30,598 shares during the period. Vest Financial LLC raised its holdings in shares of Garmin by 16.5% in the 3rd quarter. Vest Financial LLC now owns 166,242 shares of the scientific and technical instruments company’s stock valued at $29,264,000 after acquiring an additional 23,519 shares in the last quarter. Wealth Alliance Advisory Group LLC bought a new stake in shares of Garmin during the 3rd quarter valued at about $204,000. Whitaker Myers Wealth Managers LTD. purchased a new position in shares of Garmin during the third quarter worth about $306,000. Finally, NovaPoint Capital LLC increased its position in shares of Garmin by 3.2% in the third quarter. NovaPoint Capital LLC now owns 23,524 shares of the scientific and technical instruments company’s stock worth $4,141,000 after purchasing an additional 734 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

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.