Shares of Garmin Ltd. (NYSE:GRMN) have received an average recommendation of “Hold” from six research firms, according to a report by MarketBeat. The analysts’ ratings reveal a mix of perspectives: two have issued sell recommendations, one rated the stock as hold, while two others assigned buy ratings, and one designated it as a strong buy. The average one-year price target set by analysts for Garmin is $241.60.
Recent evaluations by various equity research analysts reflect differing views on Garmin’s stock performance. For instance, Morgan Stanley raised its price target from $193.00 to $195.00 while maintaining an “underweight” rating in a report on October 30, 2023. Weiss Ratings affirmed a “buy (b)” rating for Garmin shares in a note published on October 8, 2023. On the same day, Barclays increased its price target from $167.00 to $208.00, also assigning an “underweight” rating.
In a more optimistic outlook, Tigress Financial raised its target price for Garmin from $285.00 to $305.00, designating the stock with a “strong buy” rating in a research note dated September 30, 2023. Additionally, Longbow Research upgraded Garmin from a “neutral” to a “buy” rating, setting a target price of $250.00 in a report released on October 30, 2023.
Institutional Investments in Garmin Rise
Several hedge funds have made notable changes to their holdings in Garmin in recent months. Quaker Wealth Management LLC increased its stake in the company by 200.0% during the second quarter, now owning 132 shares valued at approximately $28,000 after acquiring an additional 264 shares. In the third quarter, Richardson Financial Services Inc. boosted its holdings by 62.2%, now owning 133 shares worth about $33,000 after purchasing an additional 51 shares.
Other firms, such as Groupe la Francaise, acquired new positions in Garmin valued at around $33,000, while Cornerstone Planning Group LLC raised its stake by an impressive 788.9% in the third quarter, bringing its total to 160 shares valued at about $39,000. Zions Bancorporation National Association UT also purchased new shares worth approximately $38,000. Currently, 81.60% of Garmin’s stock is owned by institutional investors.
Garmin’s Recent Performance and Financial Metrics
On October 29, 2023, Garmin reported its earnings for the last quarter, revealing an earnings per share (EPS) of $1.99, meeting analyst expectations. The company generated revenues of $1.77 billion, slightly below the consensus estimate of $1.78 billion. Garmin recorded a return on equity of 19.42% and a net margin of 22.63%, with revenue increasing by 11.7% year-over-year.
Garmin’s stock opened at $203.24 on Wednesday, with a twelve-month low of $169.26 and a high of $261.69. The company boasts a market capitalization of approximately $39.09 billion, a price-to-earnings (PE) ratio of 25.03, and a price-to-earnings-growth (PEG) ratio of 2.28. Its 50-day simple moving average stands at $222.38, while the 200-day average is $221.97.
Looking ahead, Garmin has provided guidance for fiscal year 2025, projecting an EPS of $8.15. Analysts expect the company to post an EPS of $7.80 for the current fiscal year.
Garmin Ltd. continues to design, develop, manufacture, market, and distribute a wide array of wireless devices globally. Its product offerings include fitness watches, cycling equipment, smartwatches, scales, and wellness monitoring devices. The company also operates platforms such as Garmin Connect, which allows users to track and analyze their fitness activities and overall health data.
