Garmin (NYSE:GRMN) Hits New 1-Year High – What’s Next?

Garmin Ltd. (NYSE:GRMN) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $223.33 and last traded at $220.14, with a volume of 173446 shares changing hands. The stock had previously closed at $219.78.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays upped their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Tigress Financial increased their target price on Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $171.00.

Garmin Price Performance

The firm has a 50-day moving average of $213.02 and a 200 day moving average of $192.02. The stock has a market capitalization of $41.80 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.30 and a beta of 0.98.

Insider Transactions at Garmin

In related news, CFO Douglas G. Boessen sold 1,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at $5,743,019.88. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp lifted its stake in Garmin by 2.2% in the second quarter. Truist Financial Corp now owns 6,743 shares of the scientific and technical instruments company’s stock valued at $1,099,000 after buying an additional 148 shares during the period. Sanctuary Advisors LLC acquired a new position in Garmin during the 2nd quarter worth approximately $1,424,000. Czech National Bank boosted its holdings in Garmin by 7.0% in the third quarter. Czech National Bank now owns 31,324 shares of the scientific and technical instruments company’s stock worth $5,514,000 after acquiring an additional 2,043 shares in the last quarter. Fulton Bank N.A. grew its stake in Garmin by 5.4% in the third quarter. Fulton Bank N.A. now owns 2,241 shares of the scientific and technical instruments company’s stock valued at $394,000 after acquiring an additional 115 shares during the period. Finally, Mather Group LLC. increased its holdings in shares of Garmin by 3.2% during the third quarter. Mather Group LLC. now owns 3,490 shares of the scientific and technical instruments company’s stock valued at $614,000 after acquiring an additional 107 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

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.