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

Shares of Garmin Ltd. (NYSE:GRMN) have earned a consensus recommendation of “Reduce” from the six research firms that are presently covering the company, MarketBeat Ratings reports. Three equities 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 1-year price target among analysts that have updated their coverage on the stock in the last year is $162.67.

GRMN has been the topic of several research reports. Barclays upped their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Finally, Tigress Financial upped their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th.

Insiders Place Their Bets

In other news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total transaction of $123,328.70. Following the transaction, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GRMN. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the second quarter valued at $31,000. Larson Financial Group LLC boosted its stake in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares in the last quarter. Family Firm Inc. bought a new position in Garmin during the second quarter valued at about $35,000. Benjamin Edwards Inc. boosted its stake in Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in Garmin during the third quarter valued at about $39,000. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Trading Down 2.2 %

Garmin stock opened at $215.97 on Friday. The stock has a market cap of $41.47 billion, a P/E ratio of 27.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.97. The stock has a 50 day moving average of $194.68 and a 200-day moving average of $178.51. Garmin has a 52 week low of $119.15 and a 52 week high of $222.97.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The business’s revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.41 EPS. As a group, equities analysts predict 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.