Garmin Ltd. (NYSE:GRMN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Garmin Ltd. (NYSE:GRMN) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $244.40.

GRMN has been the subject of several analyst reports. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th. Barclays raised shares of Garmin from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $208.00 to $217.00 in a research report on Friday, January 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Thursday, January 22nd. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research note on Wednesday, December 3rd. Finally, Morgan Stanley increased their price target on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th.

Garmin Stock Up 5.7%

NYSE GRMN opened at $214.73 on Monday. Garmin has a fifty-two week low of $169.26 and a fifty-two week high of $261.69. The business has a fifty day moving average of $206.25 and a 200-day moving average of $220.24. The stock has a market cap of $41.30 billion, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 2.27 and a beta of 1.00.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at approximately $5,964,214.16. This represents a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 10,431 shares of Garmin stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the sale, the chief executive officer owned 135,180 shares of the company’s stock, valued at $27,878,171.40. This trade represents a 7.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 16,594 shares of company stock worth $3,437,592. 19.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garmin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jacobi Capital Management LLC raised its stake in Garmin by 17.3% during the fourth quarter. Jacobi Capital Management LLC now owns 2,905 shares of the scientific and technical instruments company’s stock worth $589,000 after purchasing an additional 428 shares during the period. Kestra Advisory Services LLC increased its holdings in shares of Garmin by 2.4% during the 4th quarter. Kestra Advisory Services LLC now owns 7,634 shares of the scientific and technical instruments company’s stock worth $1,549,000 after buying an additional 176 shares during the last quarter. Transamerica Financial Advisors LLC raised its position in shares of Garmin by 14.1% in the 4th quarter. Transamerica Financial Advisors LLC now owns 534 shares of the scientific and technical instruments company’s stock worth $108,000 after buying an additional 66 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Garmin by 5.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 127,032 shares of the scientific and technical instruments company’s stock valued at $25,768,000 after acquiring an additional 6,198 shares during the last quarter. Finally, Bridgewater Associates LP purchased a new stake in Garmin during the fourth quarter valued at about $2,040,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.