Analysts Set Garmin Ltd. (NYSE:GRMN) PT at $242.60

Garmin Ltd. (NYSE:GRMN) has been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $242.60.

Several research firms have weighed in on GRMN. Barclays raised their price target on Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Morgan Stanley increased their price objective on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research note on Wednesday, December 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Finally, Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Friday, December 19th.

Insiders Place Their Bets

In other Garmin news, CFO Douglas G. Boessen sold 2,485 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $206.26, for a total transaction of $512,556.10. Following the transaction, the chief financial officer directly owned 28,916 shares in the company, valued at $5,964,214.16. This represents a 7.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Clifton A. Pemble sold 10,431 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total transaction of $2,151,185.13. Following the transaction, the chief executive officer directly owned 135,180 shares of the company’s stock, valued at approximately $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 19.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Garmin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after acquiring an additional 463 shares during the period. Wellington Management Group LLP grew its holdings in shares of Garmin by 6.0% in the 1st quarter. Wellington Management Group LLP now owns 19,386 shares of the scientific and technical instruments company’s stock worth $4,209,000 after acquiring an additional 1,105 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Garmin by 14.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,408 shares of the scientific and technical instruments company’s stock valued at $1,391,000 after buying an additional 825 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its stake in Garmin by 10.0% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 14,493 shares of the scientific and technical instruments company’s stock worth $3,147,000 after purchasing an additional 1,315 shares during the period. Finally, State of Wyoming purchased a new stake in shares of Garmin in the first quarter valued at $127,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Down 0.2%

NYSE:GRMN opened at $205.10 on Friday. The firm has a 50-day moving average price of $206.41 and a two-hundred day moving average price of $222.32. Garmin has a twelve month low of $169.26 and a twelve month high of $261.69. The company has a market capitalization of $39.45 billion, a P/E ratio of 25.26, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. On average, equities research analysts predict that Garmin will post 7.8 earnings per share for the current year.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.