Garmin Ltd. (NYSE:GRMN) Given Consensus Rating of “Reduce” by Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have received a consensus rating of “Reduce” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Three 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 target price among brokers that have updated their coverage on the stock in the last year is $162.67.

A number of equities research analysts have weighed in on GRMN shares. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $155.00 to $138.00 in a research report on Monday, October 7th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Barclays upped their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, Tigress Financial boosted their price target on shares of Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research note on Thursday, September 19th.

Insider Buying and Selling

In related news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction dated 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 owns 6,147 shares in the company, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Garmin

Large investors have recently made changes to their positions in the business. Cetera Advisors LLC increased its position in Garmin by 77.0% during the 1st quarter. Cetera Advisors LLC now owns 4,755 shares of the scientific and technical instruments company’s stock valued at $708,000 after purchasing an additional 2,068 shares during the period. Park Avenue Securities LLC raised its stake in Garmin by 29.7% in the second quarter. Park Avenue Securities LLC now owns 3,843 shares of the scientific and technical instruments company’s stock worth $626,000 after buying an additional 881 shares in the last quarter. CWM LLC raised its stake in Garmin by 50.8% in the second quarter. CWM LLC now owns 6,350 shares of the scientific and technical instruments company’s stock worth $1,035,000 after buying an additional 2,138 shares in the last quarter. Simplicity Wealth LLC lifted its holdings in Garmin by 3.2% in the second quarter. Simplicity Wealth LLC now owns 4,707 shares of the scientific and technical instruments company’s stock worth $767,000 after buying an additional 144 shares during the period. Finally, Czech National Bank boosted its position in Garmin by 8.7% during the 2nd quarter. Czech National Bank now owns 29,281 shares of the scientific and technical instruments company’s stock valued at $4,770,000 after acquiring an additional 2,350 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors.

Garmin Trading Up 0.1 %

Shares of NYSE GRMN opened at $215.40 on Friday. The business has a 50-day moving average of $195.59 and a 200-day moving average of $178.87. The firm has a market capitalization of $41.36 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.46 and a beta of 0.97. Garmin has a 12 month low of $119.15 and a 12 month high of $222.97.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. On average, analysts predict that Garmin will post 7.01 earnings per share for the current year.

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.