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Garmin (NYSE:GRMN) Hits New 52-Week Low at $83.16

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Garmin Ltd. (NYSE:GRMN – Get Rating) shares reached a new 52-week low on Thursday . The stock traded as low as $83.16 and last traded at $83.23, with a volume of 389 shares changing hands. The stock had previously closed at $84.39.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Garmin from $127.00 to $115.00 and set an "equal weight" rating for the company in a research report on Tuesday, June 14th. Tigress Financial reduced their price target on shares of Garmin from $208.00 to $165.00 and set a "strong-buy" rating for the company in a research report on Friday, August 5th. Bank of America lowered shares of Garmin from a "buy" rating to a "neutral" rating and reduced their price target for the company from $137.00 to $109.00 in a research report on Tuesday, August 2nd. Finally, TheStreet lowered shares of Garmin from a "b" rating to a "c+" rating in a research report on Wednesday, July 27th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin presently has a consensus rating of "Moderate Buy" and a consensus price target of $134.75.

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Garmin Price Performance

The stock has a market capitalization of $15.98 billion, a PE ratio of 15.87, a P/E/G ratio of 3.12 and a beta of 0.97. The business's fifty day moving average price is $95.03 and its 200-day moving average price is $102.78.

Garmin (NYSE:GRMN – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.02. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm posted $1.68 earnings per share. The company's revenue for the quarter was down 6.5% on a year-over-year basis. On average, analysts expect that Garmin Ltd. will post 4.9 earnings per share for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the transaction, the chief executive officer now directly owns 145,500 shares of the company's stock, valued at $14,231,355. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the transaction, the chief executive officer now directly owns 145,500 shares of the company's stock, valued at $14,231,355. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 9,550 shares of Garmin stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $90.00, for a total transaction of $859,500.00. Following the transaction, the chief executive officer now directly owns 135,950 shares in the company, valued at $12,235,500. The disclosure for this sale can be found here. 20.34% of the stock is currently owned by insiders.

Institutional Trading of Garmin

Several large investors have recently added to or reduced their stakes in the stock. Artisan Partners Limited Partnership lifted its position in Garmin by 42.0% during the second quarter. Artisan Partners Limited Partnership now owns 6,430,144 shares of the scientific and technical instruments company's stock valued at $631,762,000 after buying an additional 1,903,309 shares during the period. Boston Partners purchased a new position in shares of Garmin in the 1st quarter worth about $205,920,000. Norges Bank purchased a new position in shares of Garmin in the 4th quarter worth about $196,290,000. BlackRock Inc. raised its position in shares of Garmin by 8.2% in the 1st quarter. BlackRock Inc. now owns 14,264,641 shares of the scientific and technical instruments company's stock worth $1,691,932,000 after purchasing an additional 1,077,004 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Garmin in the 1st quarter worth about $80,655,000. Institutional investors own 62.50% of the company's stock.

Garmin Company Profile

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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

Further Reading

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