Garmin Ltd. (NYSE:GRMN) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Garmin a “Moderate Buy” consensus rating: Four analysts rate the stock a hold, two a buy, and two a strong buy. The average 12-month price target is $310.17.
• Garmin exceeded quarterly expectations, reporting $2.81 in earnings per share versus the $2.30 consensus estimate and $2.02 billion in revenue, up 11.4% year over year.
• Garmin shares opened at $276.73, while insiders sold approximately $4.98 million of stock during the latest quarter; institutional investors own 81.6% of the company.

Garmin Ltd. (NYSE:GRMN - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eight research firms that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $310.1667.

Several research analysts have recently commented on GRMN shares. Tigress Financial reissued a "strong-buy" rating on shares of Garmin in a report on Thursday, August 6th. KeyCorp reiterated a "sector weight" rating on shares of Garmin in a research report on Wednesday. UBS Group set a $370.00 price target on shares of Garmin in a research note on Thursday, August 6th. Barclays increased their price target on shares of Garmin from $238.00 to $297.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Finally, Morgan Stanley raised their price objective on shares of Garmin from $249.00 to $289.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th.

Garmin Stock Performance

Shares of GRMN stock opened at $276.73 on Friday. The company has a market capitalization of $53.37 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 3.09 and a beta of 0.85. Garmin has a 52-week low of $186.67 and a 52-week high of $314.28. The business's fifty day moving average is $271.84 and its 200 day moving average is $252.59.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.30 by $0.51. Garmin had a return on equity of 20.95% and a net margin of 24.47%.The business had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.93 billion. During the same period in the previous year, the business earned $2.17 earnings per share. The firm's revenue was up 11.4% on a year-over-year basis. On average, sell-side analysts forecast that Garmin will post 10.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 4,029 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,208,700.00. Following the sale, the chief executive officer owned 120,127 shares in the company, valued at $36,038,100. This trade represents a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the sale, the insider directly owned 29,506 shares of the company's stock, valued at approximately $8,832,916.16. This trade represents a 25.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,751 shares of company stock valued at $4,978,275 over the last quarter. Insiders own 14.80% of the company's stock.

Institutional Trading of Garmin

Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of Garmin by 23,029.3% during the second quarter. California State Teachers Retirement System now owns 59,413,980 shares of the scientific and technical instruments company's stock worth $14,113,197,000 after acquiring an additional 59,157,102 shares in the last quarter. State Street Corp lifted its stake in Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company's stock worth $1,785,304,000 after purchasing an additional 126,677 shares during the last quarter. Norges Bank bought a new stake in Garmin in the fourth quarter worth $395,234,000. Northern Trust Corp boosted its position in Garmin by 3.8% during the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company's stock valued at $348,836,000 after buying an additional 63,283 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Garmin by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company's stock valued at $378,540,000 after buying an additional 40,474 shares during the period. Hedge funds and other institutional investors own 81.60% of the company's stock.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin's products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin's product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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