Garmin Ltd. (NYSE:GRMN) Stock Has Consensus Price Target of $310.17 According to Brokerages

Shares of Garmin Ltd. (NYSE:GRMN) have been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $310.17.

Several brokerages have recently commented on GRMN. KeyCorp reiterated a “sector weight” rating on shares of Garmin in a report on Wednesday, September 2nd. Tigress Financial restated a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Friday, September 4th. Zacks Research upgraded shares of Garmin from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Finally, UBS Group set a $370.00 target price on shares of Garmin in a research report on Thursday, August 6th.

Insiders Place Their Bets

In other Garmin news, VP Joshua H. Maxfield sold 1,152 shares of the business’s stock in a transaction 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 transaction, the vice president owned 15,042 shares of the company’s stock, valued at approximately $4,379,177.46. The trade was a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clifton Pemble sold 4,029 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 120,127 shares in the company, valued at approximately $36,038,100. This represents a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 16,108 shares of company stock valued at $4,808,799. Insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On Garmin

A number of hedge funds have recently made changes to their positions in GRMN. Westmount Partners LLC raised its holdings in Garmin by 1.9% in the first 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 in the last quarter. Caldwell Trust Co boosted its holdings in shares of Garmin by 4.4% during the 1st quarter. Caldwell Trust Co now owns 1,023 shares of the scientific and technical instruments company’s stock valued at $237,000 after buying an additional 43 shares in the last quarter. HHM Wealth Advisors LLC boosted its holdings in shares of Garmin by 6.9% during the 1st 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 in the last quarter. Fulton Bank N.A. grew its position in shares of Garmin by 2.9% in the 1st quarter. Fulton Bank N.A. now owns 1,672 shares of the scientific and technical instruments company’s stock worth $388,000 after buying an additional 47 shares during the period. Finally, SJS Investment Consulting Inc. grew its position in shares of Garmin by 23.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 264 shares of the scientific and technical instruments company’s stock worth $61,000 after buying an additional 51 shares during the period. 81.60% of the stock is currently owned by institutional investors.

Garmin Stock Down 1.7%

Shares of NYSE:GRMN opened at $281.85 on Tuesday. The stock has a market cap of $54.35 billion, a price-to-earnings ratio of 29.06, a PEG ratio of 3.21 and a beta of 0.82. Garmin has a 12-month low of $186.67 and a 12-month high of $314.28. The business’s 50 day moving average is $287.86 and its 200 day moving average is $258.16.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%.Garmin’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.17 earnings per share. As a group, equities research analysts expect that Garmin will post 10.08 earnings per share for the current year.

About Garmin

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.