Garmin Ltd. (NYSE:GRMN) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Garmin Ltd. (NYSE:GRMN) have earned a consensus recommendation of “Reduce” from the six ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $171.00.

A number of analysts recently commented on GRMN shares. Morgan Stanley lowered Garmin from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $155.00 to $138.00 in a research note on Monday, October 7th. Barclays boosted their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, Tigress Financial raised their price objective on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th.

Insider Buying and Selling

In other Garmin news, Director Sean Biddlecombe sold 587 shares of Garmin stock in a transaction 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 completion of the sale, the director now owns 6,147 shares of the company’s stock, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GRMN. Golden State Wealth Management LLC purchased a new position in shares of Garmin during the 4th quarter worth $26,000. Pinnacle Bancorp Inc. purchased a new position in Garmin during the 4th quarter valued at approximately $29,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Garmin in the second quarter valued at $31,000. Larson Financial Group LLC increased its position in Garmin by 578.6% in the third 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. Finally, SOA Wealth Advisors LLC. purchased a new stake in Garmin during the fourth quarter valued at $37,000. 81.60% of the stock is owned by hedge funds and other institutional investors.

Garmin Price Performance

Shares of NYSE:GRMN opened at $215.58 on Monday. Garmin has a 1 year low of $119.15 and a 1 year high of $222.97. The stock’s 50-day moving average is $212.61 and its 200 day moving average is $190.86. The company has a market cap of $41.40 billion, a PE ratio of 27.36, a P/E/G ratio of 1.30 and a beta of 0.98.

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.