Garmin (NYSE:GRMN) Given New $158.00 Price Target at Barclays

Garmin (NYSE:GRMN) had its target price upped by Barclays from $133.00 to $158.00 in a research report report published on Friday morning, Benzinga reports. They currently have an underweight rating on the scientific and technical instruments company’s stock.

Other equities research analysts have also issued reports about the company. Tigress Financial lifted their price target on Garmin from $210.00 to $215.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Finally, StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $162.67.

Garmin Stock Performance

Shares of NYSE GRMN traded down $0.17 during mid-day trading on Friday, hitting $198.18. 1,708,179 shares of the stock traded hands, compared to its average volume of 854,782. Garmin has a 52 week low of $112.01 and a 52 week high of $207.22. The company has a market cap of $38.09 billion, a price-to-earnings ratio of 25.15, a PEG ratio of 3.52 and a beta of 0.99. The stock has a fifty day moving average price of $174.22 and a 200-day moving average price of $167.62.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.53. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company 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 firm’s revenue was up 24.1% on a year-over-year basis. As a group, sell-side analysts predict that Garmin will post 6.09 EPS for the current fiscal year.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at $7,257,359.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 over the last ninety days. 19.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Garmin

A number of hedge funds have recently bought and sold shares of GRMN. Clearstead Trust LLC purchased a new stake in Garmin in the first quarter worth about $30,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Garmin in the second quarter worth about $31,000. Family Firm Inc. purchased a new stake in Garmin in the second quarter worth about $35,000. Benjamin Edwards Inc. boosted its stake in shares of Garmin by 73.3% in the second 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 during the period. Finally, Headlands Technologies LLC bought a new position in shares of Garmin in the second quarter worth about $46,000. Hedge funds and other institutional investors 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.