Garmin Ltd. (NYSE:GRMN) Receives Average Recommendation of “Reduce” from Brokerages

Garmin Ltd. (NYSE:GRMN) has been given an average recommendation of “Reduce” by the six analysts that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $171.00.

A number of research analysts have commented on the company. Barclays boosted their price objective on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Tigress Financial upped their price target on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Finally, Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $155.00 to $138.00 in a research note on Monday, October 7th.

Garmin Stock Down 0.6 %

Shares of NYSE:GRMN opened at $214.37 on Monday. The company has a market cap of $41.16 billion, a P/E ratio of 27.20, a P/E/G ratio of 1.31 and a beta of 0.98. The business has a fifty day simple moving average of $211.85 and a 200-day simple moving average of $189.20. Garmin has a 52 week low of $119.15 and a 52 week high of $222.97.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the company posted $1.41 EPS. The company’s quarterly revenue was up 24.1% compared to the same quarter last year. Sell-side analysts expect that Garmin will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In related 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 approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Garmin

A number of hedge funds have recently made changes to their positions in the business. Pinnacle Bancorp Inc. acquired a new stake in shares of Garmin in the 4th quarter worth approximately $29,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Garmin in the second quarter worth approximately $31,000. Larson Financial Group LLC increased its position in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 162 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of Garmin in the 3rd quarter worth $39,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Garmin in the third quarter valued at $59,000. Institutional investors own 81.60% of the company’s stock.

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.