Garmin Ltd. (NYSE:GRMN) Receives $194.80 Consensus Target Price from Analysts

Garmin Ltd. (NYSE:GRMN) has earned an average recommendation of “Reduce” from the five brokerages that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $194.80.

Several equities analysts have recently weighed in on GRMN shares. Tigress Financial increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. Barclays reduced their price target on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on shares of Garmin from $220.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Finally, Morgan Stanley increased their target price on shares of Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research report on Thursday, May 1st.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares in the company, valued at approximately $33,963,108.50. This trade represents a 4.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Susan Lyman sold 2,829 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares in the company, valued at $1,817,180.32. This trade represents a 25.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,342 shares of company stock worth $5,486,094 over the last three months. Corporate insiders own 15.38% of the company’s stock.

Hedge Funds Weigh In On Garmin

A number of institutional investors have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC bought a new position in Garmin in the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd increased its holdings in Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. bought a new position in Garmin during the 4th quarter worth $29,000. TFC Financial Management Inc. lifted its holdings in Garmin by 1,633.3% during the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company’s stock worth $34,000 after buying an additional 147 shares during the period. Finally, Wayfinding Financial LLC bought a new stake in shares of Garmin in the 1st quarter valued at about $34,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Up 1.3%

NYSE GRMN opened at $200.50 on Wednesday. The firm has a market capitalization of $38.60 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99. The firm’s fifty day moving average price is $199.22 and its two-hundred day moving average price is $208.03. Garmin has a 1 year low of $158.38 and a 1 year high of $246.50.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 earnings per share. On average, research analysts anticipate that Garmin will post 7.8 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio (DPR) is presently 47.37%.

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.