Shares of Garmin Ltd. (NYSE:GRMN – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $310.17.
A number of equities analysts recently issued reports on GRMN shares. Zacks Research upgraded Garmin from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Morgan Stanley increased their price target on Garmin from $249.00 to $289.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. UBS Group set a $370.00 price target on Garmin in a research note on Thursday, August 6th. Finally, KeyCorp restated a “sector weight” rating on shares of Garmin in a report on Wednesday, September 2nd.
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Garmin Price Performance
Garmin (NYSE:GRMN – Get Free Report) last released its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating the consensus estimate of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the business earned $2.17 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, equities research analysts forecast that Garmin will post 10.08 EPS for the current fiscal year.
Insider Activity
In related news, Director Sean Biddlecombe sold 986 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $292.88, for a total value of $288,779.68. Following the completion of the sale, the director owned 6,021 shares in the company, valued at approximately $1,763,430.48. This represents a 14.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joshua H. Maxfield sold 1,152 shares of the firm’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 transaction of $335,381.76. Following the completion of the transaction, the vice president directly owned 15,042 shares of the company’s stock, valued at $4,379,177.46. This represents a 7.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is currently owned by insiders.
Institutional Trading of Garmin
Large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Garmin during the fourth quarter valued at $395,234,000. Dimensional Fund Advisors LP boosted its position in Garmin by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after acquiring an additional 40,474 shares during the period. Bank of America Corp DE grew its stake in Garmin by 73.8% during the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock valued at $300,499,000 after acquiring an additional 549,954 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Garmin by 32.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,289,156 shares of the scientific and technical instruments company’s stock valued at $261,505,000 after acquiring an additional 315,163 shares in the last quarter. Finally, Amundi increased its holdings in shares of Garmin by 82.5% in the 1st quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock valued at $236,027,000 after purchasing an additional 459,980 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.
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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