Brokerages Set Garmin Ltd. (GRMN) PT at $70.67

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Shares of Garmin Ltd. (NASDAQ:GRMN) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $70.67.

GRMN has been the topic of a number of recent research reports. BidaskClub lowered Garmin from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Morgan Stanley set a $77.00 target price on Garmin and gave the company an “equal weight” rating in a research report on Friday, September 21st. Finally, Longbow Research set a $72.00 target price on Garmin and gave the company a “buy” rating in a research report on Thursday, July 19th.

In related news, Chairman Min H. Kao sold 75,000 shares of the stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $62.27, for a total value of $4,670,250.00. Following the completion of the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at approximately $112,050,443.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Min H. Kao sold 6,617 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.54, for a total value of $427,061.18. Following the completion of the transaction, the chairman now directly owns 1,908,046 shares of the company’s stock, valued at $123,145,288.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,206,413 shares of company stock valued at $272,003,313. Corporate insiders own 17.85% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of GRMN. Flagship Harbor Advisors LLC acquired a new position in Garmin in the 2nd quarter valued at $108,000. First Hawaiian Bank acquired a new position in Garmin in the 3rd quarter valued at $118,000. Sun Life Financial INC raised its stake in Garmin by 1,601.7% in the 2nd quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after purchasing an additional 1,858 shares during the last quarter. Fort L.P. acquired a new position in Garmin in the 2nd quarter valued at $121,000. Finally, Tower Research Capital LLC TRC raised its stake in Garmin by 3,291.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock valued at $128,000 after purchasing an additional 2,041 shares during the last quarter. 38.91% of the stock is owned by hedge funds and other institutional investors.

Shares of GRMN stock traded up $0.25 during trading hours on Friday, reaching $64.81. 15,756 shares of the company’s stock were exchanged, compared to its average volume of 1,365,079. Garmin has a 1 year low of $57.01 and a 1 year high of $70.77. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 2.59 and a beta of 0.98.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.24. The business had revenue of $810.01 million for the quarter, compared to analyst estimates of $784.06 million. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 earnings per share. As a group, equities analysts expect that Garmin will post 3.47 earnings per share for the current year.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Analyst Recommendations for Garmin (NASDAQ:GRMN)

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