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

Shares of Garmin Ltd. (NYSE:GRMN) reached a new 52-week high on Wednesday . The company traded as high as $222.97 and last traded at $221.15, with a volume of 49300 shares. The stock had previously closed at $219.21.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $155.00 to $138.00 in a research report on Monday, October 7th. Barclays lifted their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Tigress Financial lifted their target price 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 research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin presently has an average rating of “Hold” and a consensus price target of $162.67.

Garmin Stock Up 1.3 %

The business has a fifty day simple moving average of $191.84 and a two-hundred day simple moving average of $177.56. The company has a market capitalization of $42.64 billion, a price-to-earnings ratio of 27.83, a P/E/G ratio of 1.44 and a beta of 0.97.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. The company’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.41 earnings per share. As a group, equities analysts predict that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In other news, Director Sean Biddlecombe sold 587 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 6,147 shares of the company’s stock, valued at $1,291,484.70. The trade was a 8.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. bought a new position in Garmin in the 2nd quarter worth approximately $31,000. Larson Financial Group LLC raised its position in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares during the last quarter. Family Firm Inc. bought a new position in Garmin in the 2nd quarter worth approximately $35,000. Benjamin Edwards Inc. raised its position in Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 99 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in Garmin in the 3rd quarter worth approximately $39,000. Institutional investors own 81.60% 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.