Garmin (NYSE:GRMN) Sets New 12-Month High – Here’s What Happened

Garmin Ltd. (NYSE:GRMN)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $207.64 and last traded at $206.18, with a volume of 19637 shares trading hands. The stock had previously closed at $204.23.

Analyst Ratings Changes

A number of analysts recently issued reports on GRMN shares. Barclays increased their price target on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Morgan Stanley lowered shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Tigress Financial increased their price target on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Garmin currently has a consensus rating of “Hold” and a consensus target price of $162.67.

Garmin Stock Performance

The stock has a market capitalization of $40.87 billion, a PE ratio of 27.08, a price-to-earnings-growth ratio of 3.22 and a beta of 0.97. The stock’s 50 day moving average is $176.29 and its two-hundred day moving average is $169.44.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company posted $1.41 earnings per share. The business’s revenue was up 24.1% on a year-over-year basis. Equities research analysts expect that Garmin Ltd. will post 6.52 EPS for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was 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 of the company’s stock, valued at $1,291,484.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the transaction, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now directly owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 0.00 % decrease in their position. 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 90 days. 19.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Large investors have recently modified their holdings of the business. Clearstead Trust LLC acquired a new stake in Garmin in the 1st quarter valued at approximately $30,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Garmin in the second quarter valued at $31,000. Family Firm Inc. purchased a new stake in shares of Garmin in the 2nd quarter valued at $35,000. Benjamin Edwards Inc. lifted its stake in Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Garmin in the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

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.