Garmin (NYSE:GRMN) Hits New 52-Week High - Time to Buy?

Key Points

• Garmin Ltd. shares reached a new 52-week high of $259.55, closing at $257.64, signaling positive trading momentum.
• Analysts have varied opinions on Garmin's stock, with price targets ranging from $167.00 to $305.00 and an average target of $228.75.
• The company's quarterly earnings exceeded estimates, reporting $2.17 EPS and 20.4% revenue growth year-over-year.

Garmin Ltd. (NYSE:GRMN - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $259.55 and last traded at $257.64, with a volume of 25551 shares traded. The stock had previously closed at $257.06.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. Morgan Stanley upped their price target on Garmin from $186.00 to $193.00 and gave the company an "underweight" rating in a research note on Friday, September 19th. Tigress Financial upped their price objective on shares of Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research report on Tuesday, September 30th. Barclays reissued an "underweight" rating and issued a $167.00 target price (up from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Garmin in a research report on Saturday, September 27th. Finally, JPMorgan Chase & Co. boosted their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $228.75.

Garmin Price Performance

The business's 50-day moving average is $236.02 and its two-hundred day moving average is $215.07. The firm has a market cap of $49.78 billion, a P/E ratio of 31.93, a P/E/G ratio of 2.82 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, topping analysts' consensus estimates of $1.90 by $0.27. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company's quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Insider Activity at Garmin

In related news, insider Cheng-Wei Wang sold 10,202 shares of the firm's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the transaction, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 19.54% of the company's stock.

Institutional Investors Weigh In On Garmin

Hedge funds have recently bought and sold shares of the company. Fulton Bank N.A. boosted its stake in shares of Garmin by 2.6% during the 2nd quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company's stock worth $393,000 after acquiring an additional 47 shares during the period. Smith Moore & CO. boosted its position in Garmin by 4.3% during the second quarter. Smith Moore & CO. now owns 1,151 shares of the scientific and technical instruments company's stock worth $240,000 after purchasing an additional 47 shares during the period. Arrow Investment Advisors LLC increased its holdings in shares of Garmin by 3.6% in the second quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company's stock valued at $295,000 after purchasing an additional 49 shares during the last quarter. Curbstone Financial Management Corp raised its position in shares of Garmin by 1.3% in the second quarter. Curbstone Financial Management Corp now owns 3,936 shares of the scientific and technical instruments company's stock valued at $822,000 after purchasing an additional 50 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of Garmin by 7.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock worth $163,000 after buying an additional 52 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

About Garmin

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.