Garmin (NYSE:GRMN) Stock Rating Lowered by Morgan Stanley

by · The Cerbat Gem

Morgan Stanley lowered shares of Garmin (NYSE:GRMN – Free Report) from an equal weight rating to an underweight rating in a research report sent to investors on Monday, MarketBeat reports. They currently have $138.00 target price on the scientific and technical instruments company’s stock, down from their prior target price of $155.00.

Several other research firms also recently weighed in on GRMN. Tigress Financial boosted their target price on Garmin from $210.00 to $215.00 and gave the company a strong-buy rating in a report on Thursday, September 19th. Barclays downgraded Garmin from an equal weight rating to an underweight rating and reduced their price objective for the company from $181.00 to $133.00 in a research note on Friday, September 13th. Finally, StockNews.com downgraded Garmin from a buy rating to a hold rating in a research note on Thursday, September 12th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $158.50.

Check Out Our Latest Analysis on GRMN

Garmin Stock Performance

NYSE:GRMN opened at $165.64 on Monday. The stock has a 50-day simple moving average of $173.93 and a 200-day simple moving average of $164.80. The stock has a market cap of $31.82 billion, a P/E ratio of 23.36, a P/E/G ratio of 3.04 and a beta of 0.99. Garmin has a 1 year low of $99.61 and a 1 year high of $184.42.

Garmin (NYSE:GRMN – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.45 EPS. On average, equities research analysts predict that Garmin will post 6.05 EPS for the current year.

Insider Transactions at Garmin

In other news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total value of $1,781,343.80. Following the sale, the insider now owns 40,965 shares in the company, valued at $7,257,359.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at approximately $16,081,348.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,892 shares of company stock valued at $2,296,174. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

A number of institutional investors and hedge funds have recently modified their holdings of GRMN. University of Texas Texas AM Investment Management Co. acquired a new stake in Garmin during the 2nd quarter valued at $31,000. Clearstead Trust LLC acquired a new stake in Garmin during the 1st quarter valued at $30,000. Family Firm Inc. acquired a new stake in Garmin during the 2nd quarter valued at $35,000. Benjamin Edwards Inc. grew its holdings in Garmin by 73.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 99 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Garmin during the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

About Garmin

(Get Free Report)

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.

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