Garmin Ltd. (NYSE:GRMN) Given Consensus Recommendation of “Reduce” by Brokerages

Garmin Ltd. (NYSE:GRMN) has been given a consensus rating of “Reduce” by the six brokerages that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $162.67.

Several research firms have issued reports on GRMN. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Tigress Financial upped their price target on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Barclays raised their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $155.00 to $138.00 in a research note on Monday, October 7th.

Insiders Place Their Bets

In related news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the sale, the director now directly owns 6,147 shares in the company, valued at approximately $1,291,484.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,479 shares of company stock valued at $2,419,502 over the last ninety days. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Hedge funds have recently modified their holdings of the business. Clearstead Trust LLC bought a new stake in Garmin in the 1st quarter valued at $30,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Garmin in the second quarter valued at about $31,000. Larson Financial Group LLC grew its position in Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares in the last quarter. Family Firm Inc. bought a new position in Garmin during the second quarter valued at about $35,000. Finally, Benjamin Edwards Inc. raised its holdings in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after acquiring an additional 99 shares in the last quarter. 73.41% of the stock is owned by institutional investors.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $213.76 on Wednesday. The stock has a market capitalization of $41.05 billion, a price-to-earnings ratio of 27.13, a PEG ratio of 3.23 and a beta of 0.97. Garmin has a 1-year low of $116.01 and a 1-year high of $214.83. The company has a 50 day moving average price of $177.47 and a 200 day moving average price of $170.81.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s revenue was up 24.1% compared to the same quarter last year. During the same period last year, the company posted $1.41 EPS. On average, sell-side analysts expect that Garmin will post 6.89 EPS for the current fiscal year.

Garmin Company Profile

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.