Garmin Ltd. (NYSE:GRMN) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Garmin has a “Moderate Buy” consensus from eight analysts, with four holds, two buys and two strong-buy ratings. The average 12-month price target is $310.17.
• Garmin reported a strong quarter, posting EPS of $2.81 versus the $2.30 consensus and revenue of $2.02 billion versus estimates of $1.93 billion; revenue increased 11.4% year over year.
• The stock opened at $293.94, near its 52-week high of $314.28, while insiders sold approximately $4.8 million worth of shares over the past 90 days. Institutional investors own 81.6% of the company.

Garmin Ltd. (NYSE:GRMN - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eight research firms that are covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $310.17.

A number of research analysts have recently weighed in on GRMN shares. Wall Street Zen downgraded shares of Garmin from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. Zacks Research upgraded shares of Garmin from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Morgan Stanley increased their target price on shares of Garmin from $249.00 to $289.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. UBS Group set a $370.00 target price on Garmin in a report on Thursday, August 6th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Garmin in a research report on Wednesday, September 2nd.

Garmin Stock Performance

Shares of NYSE GRMN opened at $293.94 on Tuesday. The business has a 50 day simple moving average of $285.01 and a 200 day simple moving average of $257.08. Garmin has a 52 week low of $186.67 and a 52 week high of $314.28. The stock has a market cap of $56.69 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 3.29 and a beta of 0.85.

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

Insider Buying and Selling

In related news, VP Joshua Maxfield sold 1,152 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the sale, the vice president directly owned 15,042 shares in the company, valued at approximately $4,379,177.46. The trade was a 7.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clifton A. Pemble sold 4,029 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total value of $1,208,700.00. Following the sale, the chief executive officer directly owned 120,127 shares of the company's stock, valued at $36,038,100. The trade was a 3.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,108 shares of company stock valued at $4,808,799 over the last 90 days. 14.80% of the stock is currently owned by insiders.

Institutional Trading of Garmin

Large investors have recently modified their holdings of the company. Westmount Partners LLC raised its holdings in shares of Garmin by 1.9% in the 1st quarter. Westmount Partners LLC now owns 2,205 shares of the scientific and technical instruments company's stock worth $512,000 after purchasing an additional 42 shares during the period. Caldwell Trust Co increased its position in Garmin by 4.4% in the first quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company's stock worth $237,000 after buying an additional 43 shares during the last quarter. HHM Wealth Advisors LLC raised its stake in shares of Garmin by 6.9% in the first quarter. HHM Wealth Advisors LLC now owns 698 shares of the scientific and technical instruments company's stock valued at $162,000 after buying an additional 45 shares during the period. Fulton Bank N.A. lifted its position in shares of Garmin by 2.9% during the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company's stock valued at $388,000 after buying an additional 47 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in shares of Garmin by 23.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company's stock valued at $61,000 after buying an additional 51 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Garmin Company Profile

Garmin Ltd. is a technology company that develops products using global positioning system (GPS), satellite communications and other location-based technologies. The company serves consumers, businesses and professional users through product lines focused on fitness, outdoor recreation, aviation, marine and automotive applications.

Its offerings include smartwatches and fitness trackers, cycling computers, navigation devices, satellite communicators, outdoor handhelds, marine chartplotters and sonar systems, and aviation navigation and communication equipment.

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