Analysts Set Garmin Ltd. (NASDAQ:GRMN) PT at $75.79

Shares of Garmin Ltd. (NASDAQ:GRMN) have been given a consensus recommendation of “Hold” by the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $75.79.

Several research analysts have recently issued reports on GRMN shares. ValuEngine downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley set a $81.00 target price on shares of Garmin and gave the stock a “hold” rating in a research note on Thursday, May 2nd. BidaskClub upgraded shares of Garmin from a “sell” rating to a “hold” rating in a research note on Thursday. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. Finally, Zacks Investment Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th.

Shares of NASDAQ GRMN traded up $0.39 during midday trading on Tuesday, hitting $79.04. The stock had a trading volume of 993,387 shares, compared to its average volume of 1,423,837. The firm’s 50 day moving average is $79.38. The stock has a market cap of $15.58 billion, a P/E ratio of 21.42, a P/E/G ratio of 2.75 and a beta of 0.91. Garmin has a 52 week low of $59.98 and a 52 week high of $89.72. The company has a current ratio of 2.39, a quick ratio of 1.76 and a debt-to-equity ratio of 0.01.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $955.00 million for the quarter, compared to the consensus estimate of $930.98 million. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.99 earnings per share. Sell-side analysts expect that Garmin will post 3.9 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.57 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.28 annualized dividend and a yield of 2.88%. Garmin’s payout ratio is presently 61.79%.

In other Garmin news, Chairman Min H. Kao sold 196,836 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $79.53, for a total value of $15,654,367.08. Following the transaction, the chairman now directly owns 1,799,429 shares in the company, valued at $143,108,588.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Min H. Kao sold 414,102 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $76.51, for a total transaction of $31,682,944.02. Following the completion of the transaction, the insider now owns 1,779,429 shares in the company, valued at $136,144,112.79. The disclosure for this sale can be found here. Insiders sold 4,530,053 shares of company stock worth $356,907,319 over the last quarter. Insiders own 23.83% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRMN. Hilton Capital Management LLC purchased a new stake in shares of Garmin in the first quarter worth $29,000. Hanseatic Management Services Inc. purchased a new stake in shares of Garmin in the first quarter worth $30,000. Huntington National Bank increased its stake in shares of Garmin by 244.4% in the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock worth $32,000 after purchasing an additional 264 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Garmin by 762.1% in the first quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock worth $43,000 after purchasing an additional 442 shares in the last quarter. Finally, Farmers National Bank purchased a new stake in shares of Garmin in the first quarter worth $44,000. Institutional investors and hedge funds own 42.38% of the company’s stock.

Garmin Company Profile

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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