Garmin Ltd. (NYSE:GRMN) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Garmin Ltd. (NYSE:GRMN) has received an average rating of “Moderate Buy” from the nine brokerages that are presently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $313.71.

GRMN has been the subject of a number of research reports. Barclays lifted their target price on Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Arete Research started coverage on shares of Garmin in a report on Wednesday, October 14th. They issued a “buy” rating and a $335.00 price target on the stock. UBS Group set a $370.00 price target on shares of Garmin in a research report on Thursday, August 6th. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a research note on Friday, September 4th.

Garmin Stock Performance

Shares of GRMN opened at $294.19 on Friday. The stock has a 50-day moving average of $283.87 and a two-hundred day moving average of $263.22. Garmin has a one year low of $186.67 and a one year high of $314.28. The stock has a market cap of $56.74 billion, a P/E ratio of 30.33, a P/E/G ratio of 3.30 and a beta of 0.82.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.51. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%. The company’s revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.17 earnings per share. Analysts predict that Garmin will post 10.08 EPS for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, CEO Clifton A. Pemble sold 4,029 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the completion of the transaction, the chief executive officer owned 120,127 shares of the company’s stock, valued at $36,038,100. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sean Biddlecombe sold 986 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $292.88, for a total transaction of $288,779.68. Following the transaction, the director owned 6,021 shares of the company’s stock, valued at $1,763,430.48. This represents a 14.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 16,108 shares of company stock worth $4,808,799. 14.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Garmin

Several institutional investors and hedge funds have recently modified their holdings of GRMN. Revolve Wealth Partners LLC purchased a new position in Garmin during the third quarter valued at approximately $209,000. Signaturefd LLC lifted its holdings in Garmin by 2.1% in the third quarter. Signaturefd LLC now owns 5,426 shares of the scientific and technical instruments company’s stock valued at $1,556,000 after acquiring an additional 110 shares during the period. Citizens Financial Group Inc. RI boosted its position in Garmin by 72.9% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 4,309 shares of the scientific and technical instruments company’s stock worth $1,236,000 after purchasing an additional 1,817 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in Garmin in the 3rd quarter worth approximately $229,000. Finally, Outfitters Financial LLC boosted its position in Garmin by 19.1% in the 3rd quarter. Outfitters Financial LLC now owns 2,680 shares of the scientific and technical instruments company’s stock worth $769,000 after purchasing an additional 430 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.