Garmin (NYSE:GRMN) Reaches New 52-Week High – Time to Buy?

Garmin Ltd. (NYSE:GRMNGet Free Report)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $216.30 and last traded at $215.75, with a volume of 190310 shares changing hands. The stock had previously closed at $210.33.

Analysts Set New Price Targets

Several analysts have recently commented on GRMN shares. Tigress Financial upped their price objective on shares of Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a report on Thursday, September 19th. Barclays lifted their price objective on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $155.00 to $138.00 in a report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $162.67.

Check Out Our Latest Stock Analysis on GRMN

Garmin Stock Performance

The stock’s 50-day moving average is $182.77 and its two-hundred day moving average is $174.00. The stock has a market cap of $41.19 billion, a PE ratio of 27.22, a PEG ratio of 1.39 and a beta of 0.97.

Garmin (NYSE:GRMNGet Free Report) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. Garmin’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period last year, the business posted $1.41 EPS. Analysts forecast that Garmin Ltd. will post 7.01 EPS for the current year.

Insider Buying and Selling at Garmin

In related news, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the sale, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. This trade represents a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sean Biddlecombe sold 587 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total transaction of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company’s stock, valued at $1,291,484.70. This represents a 8.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,424 shares of company stock valued at $638,159 in the last quarter. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Several hedge funds have recently modified their holdings of GRMN. State Street Corp increased its holdings in Garmin by 2.0% in the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock valued at $1,216,819,000 after buying an additional 134,303 shares in the last quarter. Geode Capital Management LLC increased its stake in Garmin by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,363,464 shares of the scientific and technical instruments company’s stock valued at $765,912,000 after purchasing an additional 112,815 shares in the last quarter. FMR LLC increased its stake in Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after purchasing an additional 1,093,219 shares in the last quarter. Select Equity Group L.P. boosted its position in Garmin by 0.6% during the second quarter. Select Equity Group L.P. now owns 2,006,563 shares of the scientific and technical instruments company’s stock worth $326,909,000 after purchasing an additional 11,666 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Garmin by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,735,623 shares of the scientific and technical instruments company’s stock valued at $282,761,000 after purchasing an additional 13,968 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

About Garmin

(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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