Garmin (NYSE:GRMN – Get Free Report) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
Several other research analysts have also recently weighed in on the company. Barrington Research boosted their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Tigress Financial reissued a “strong-buy” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. lowered Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 target price on the stock. in a research note on Monday, January 8th. Seven investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Garmin presently has an average rating of “Hold” and an average target price of $131.50.
Garmin Stock Up 1.6 %
Shares of NYSE:GRMN opened at $139.67 on Tuesday. The business’s 50 day moving average is $126.12 and its 200 day moving average is $116.84. Garmin has a 12-month low of $93.52 and a 12-month high of $140.46. The stock has a market cap of $26.79 billion, a price-to-earnings ratio of 20.82, a PEG ratio of 4.51 and a beta of 0.97.
Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm earned $1.35 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts expect that Garmin will post 5.44 earnings per share for the current year.
Insider Activity at Garmin
In related news, CFO Douglas G. Boessen sold 5,267 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $134.56, for a total transaction of $708,727.52. Following the sale, the chief financial officer now directly owns 30,360 shares in the company, valued at approximately $4,085,241.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Douglas G. Boessen sold 5,267 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $134.56, for a total transaction of $708,727.52. Following the sale, the chief financial officer now directly owns 30,360 shares in the company, valued at approximately $4,085,241.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,571 shares of company stock worth $1,413,944. 19.89% of the stock is owned by company insiders.
Hedge Funds Weigh In On Garmin
A number of institutional investors have recently added to or reduced their stakes in GRMN. American Century Companies Inc. increased its stake in Garmin by 9.6% in the 1st quarter. American Century Companies Inc. now owns 9,116 shares of the scientific and technical instruments company’s stock worth $1,081,000 after acquiring an additional 798 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Garmin by 17.5% in the 1st quarter. Private Advisor Group LLC now owns 2,831 shares of the scientific and technical instruments company’s stock worth $336,000 after purchasing an additional 422 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Garmin by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,329 shares of the scientific and technical instruments company’s stock worth $2,411,000 after purchasing an additional 1,259 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Garmin by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,475,149 shares of the scientific and technical instruments company’s stock worth $174,989,000 after purchasing an additional 11,011 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Garmin by 378.8% in the 1st quarter. Sei Investments Co. now owns 37,785 shares of the scientific and technical instruments company’s stock worth $4,414,000 after purchasing an additional 29,893 shares in the last quarter. 63.26% of the stock is currently owned by institutional investors.
About Garmin
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. It operates through five segments: Fitness, Outdoor, Aviation, Marine, and Auto. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; and fitness accessories.