Garmin (NYSE:GRMN) Research Coverage Started at Arete Research

by · The Cerbat Gem

Arete Research assumed coverage on shares of Garmin (NYSE:GRMN – Free Report) in a research report released on Wednesday morning, Marketbeat reports. The brokerage issued a buy rating and a $335.00 target price on the scientific and technical instruments company’s stock.

Several other analysts also recently commented on GRMN. Barclays raised their price objective on shares of Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Morgan Stanley lifted their price objective on shares of Garmin from $249.00 to $289.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. UBS Group set a $370.00 target price on shares of Garmin in a research report on Thursday, August 6th. Zacks Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Garmin has a consensus rating of “Moderate Buy” and an average price target of $313.71.

Read Our Latest Analysis on GRMN

Garmin Price Performance

Shares of Garmin stock opened at $285.24 on Wednesday. Garmin has a one year low of $186.67 and a one year high of $314.28. The stock’s 50-day moving average is $285.82 and its 200 day moving average is $261.20. The firm has a market cap of $55.01 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 3.19 and a beta of 0.82.

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, topping the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a return on equity of 20.95% and a net margin of 24.47%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.17 earnings per share. On average, sell-side analysts expect that Garmin will post 10.08 EPS for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton Pemble sold 4,029 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 120,127 shares in the company, valued at approximately $36,038,100. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cheng-Wei Wang sold 9,941 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares in the company, valued at approximately $8,832,916.16. The trade was a 25.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Garmin by 2.5% in 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 purchasing an additional 40,474 shares in the last quarter. Bank of America Corp DE increased 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 purchasing an additional 549,954 shares in the last quarter. Amundi increased its stake in Garmin by 82.5% during 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 in the last quarter. Man Group plc raised its holdings in Garmin by 232.0% during the fourth quarter. Man Group plc now owns 812,390 shares of the scientific and technical instruments company’s stock worth $164,793,000 after buying an additional 567,711 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Garmin by 192.8% during the first quarter. SG Americas Securities LLC now owns 506,273 shares of the scientific and technical instruments company’s stock worth $117,460,000 after buying an additional 333,345 shares during the last quarter. Institutional investors own 81.60% of the company’s stock.

About Garmin

(Get Free Report)

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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