Garmin Ltd. (NYSE:GRMN) Given Average Recommendation of “Hold” by Analysts

Shares of Garmin Ltd. (NYSE:GRMNGet Free Report) have earned a consensus recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $156.83.

A number of research analysts have recently issued reports on the company. Tigress Financial raised their price objective on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. raised their price objective on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Barclays raised their target price on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Finally, StockNews.com raised Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd.

View Our Latest Report on GRMN

Insider Buying and Selling at Garmin

In related news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total transaction of $674,683.52. Following the sale, the executive vice president now directly owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Douglas G. Boessen sold 2,350 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the sale, the chief financial officer now directly owns 28,010 shares in the company, valued at $4,527,256.30. The disclosure for this sale can be found here. 19.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Several hedge funds have recently added to or reduced their stakes in the business. Artisan Partners Limited Partnership lifted its position in shares of Garmin by 0.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 7,310,112 shares of the scientific and technical instruments company’s stock worth $939,642,000 after purchasing an additional 63,278 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Garmin by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock worth $220,541,000 after acquiring an additional 45,242 shares during the last quarter. Boston Partners grew its position in shares of Garmin by 4.3% during the first quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock worth $210,799,000 after acquiring an additional 58,343 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Garmin by 4.4% in the fourth quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock worth $166,021,000 after purchasing an additional 54,001 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in Garmin by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 932,299 shares of the scientific and technical instruments company’s stock worth $119,838,000 after purchasing an additional 6,858 shares during the period. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Price Performance

NYSE:GRMN opened at $163.46 on Thursday. Garmin has a 1 year low of $99.61 and a 1 year high of $171.64. The company has a market cap of $31.40 billion, a P/E ratio of 23.06, a P/E/G ratio of 3.48 and a beta of 0.98. The stock’s fifty day moving average price is $164.10 and its two-hundred day moving average price is $144.96.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the business posted $1.02 earnings per share. The firm’s revenue was up 20.4% compared to the same quarter last year. On average, analysts expect that Garmin will post 5.77 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. Garmin’s payout ratio is 42.31%.

Garmin Company Profile

(Get Free Report

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.

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Analyst Recommendations for Garmin (NYSE:GRMN)

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