Garmin (NYSE:GRMN) Reaches New 12-Month High Following Better-Than-Expected Earnings

Garmin Ltd. (NYSE:GRMN)’s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $238.56 and last traded at $242.31, with a volume of 417781 shares changing hands. The stock had previously closed at $214.78.

The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm posted $1.72 EPS. The firm’s revenue was up 22.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GRMN shares. JPMorgan Chase & Co. upgraded Garmin to a “neutral” rating and increased their price target for the stock from $212.00 to $219.00 in a report on Friday, February 14th. Barclays increased their target price on Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Morgan Stanley raised shares of Garmin to a “sell” rating and boosted their target price for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Tigress Financial upped their price target 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. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat, Garmin presently has a consensus rating of “Hold” and a consensus target price of $183.83.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Several large investors have recently modified their holdings of GRMN. Golden State Wealth Management LLC purchased a new position in Garmin during the fourth quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Garmin by 864.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 121 shares during the period. Pinnacle Bancorp Inc. bought a new position in shares of Garmin in the 4th quarter worth $29,000. Larson Financial Group LLC lifted its stake in shares of Garmin by 578.6% during 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. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the 4th quarter worth $37,000. Institutional investors own 81.60% of the company’s stock.

Garmin Price Performance

The business has a 50-day moving average of $212.99 and a two-hundred day moving average of $194.84. The company has a market cap of $46.69 billion, a P/E ratio of 30.85, a P/E/G ratio of 1.27 and a beta of 0.98.

About Garmin

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.