Several other research firms have also recently weighed in on GRMN. Bank of America cut Garmin from a buy rating to a neutral rating and set a $155.00 price objective on the stock. in a research report on Tuesday, June 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on Garmin from $140.00 to $155.00 and gave the stock a hold rating in a research report on Thursday, July 29th. Morgan Stanley increased their target price on Garmin from $138.00 to $147.00 and gave the stock an equal weight rating in a report on Thursday, July 29th. Finally, Tigress Financial reissued a strong-buy rating and set a $198.00 target price (up from $174.00) on shares of Garmin in a report on Wednesday, August 4th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Garmin presently has a consensus rating of Buy and a consensus price target of $157.04.
Shares of Garmin stock opened at $169.47 on Tuesday. Garmin has a 12-month low of $91.84 and a 12-month high of $178.80. The business’s 50 day moving average is $163.16 and its 200-day moving average is $146.33. The stock has a market cap of $32.59 billion, a P/E ratio of 27.60, a P/E/G ratio of 4.53 and a beta of 0.99.
In other news, CEO Clifton A. Pemble sold 2,333 shares of Garmin stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $165.00, for a total transaction of $384,945.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sean Biddlecombe sold 405 shares of Garmin stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total value of $65,261.70. The disclosure for this sale can be found here. Company insiders own 21.39% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Carolinas Wealth Consulting LLC raised its position in shares of Garmin by 123.5% during the second quarter. Carolinas Wealth Consulting LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $27,000 after acquiring an additional 105 shares during the last quarter. Harbour Investments Inc. bought a new position in shares of Garmin during the first quarter worth about $27,000. Harvest Fund Management Co. Ltd bought a new position in shares of Garmin during the first quarter worth about $30,000. E Fund Management Co. Ltd. bought a new position in shares of Garmin during the first quarter worth about $35,000. Finally, Arkadios Wealth Advisors raised its position in shares of Garmin by 34.4% during the second quarter. Arkadios Wealth Advisors now owns 289 shares of the scientific and technical instruments company’s stock worth $41,000 after acquiring an additional 74 shares during the last quarter. 51.64% of the stock is currently owned by hedge funds and other institutional investors.
Garmin Company Profile
Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.
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