SSgA Funds Management, Inc. recently announced the acquisition of new stake in Garmin Ltd. (NASDAQ:GRMN). The institutional investor has increased its shareholding in the Technology company by 1.27% to 6.3 million shares with purchase of 78854.0 shares. This fresh investment now brings its stake to 3.30% valued currently at $568.21 million. In addition, Geode Capital Management LLC raised its holdings by 80991.0 to 3.23 million shares. And JPMorgan Investment Management, I. has lifted its position by 30.00% or 0.52 million shares – to 2.26 million shares.
With over 0.58 million Garmin Ltd. (GRMN) shares trading Tuesday and a closing price of $98.72 on the day, the dollar volume was approximately $57.02 million. The shares have shown a positive weekly performance of 2.67% and its price on 07/07/20 lost nearly -0.36%. Currently, there are 190.80M common shares owned by the public and among those 139.89M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for GRMN have a consensus price objective of $93.00. The analysts have set the share’s price value over the next 12 months at a high of $118.00 and a low of $76.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Garmin Ltd. stock is 2.60 for the next 12 months. The average price target is -4.65% below its last price level and a downside to the estimated low will see the stock lose -29.89% over that period. But an upside of 16.34% will see the stock hit the forecast high price target while mean target price for the stock is $90.50.
Insiders at the company have transacted a total of 240 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 10,813,846 shares. Insider sales of the common stock occurred on 207 occasions, with total insider shares sold totaling 16,759,724 shares.
The top 3 mutual fund holders in Garmin Ltd. are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 4.11 million shares of the company’s stock, all valued at over $370.73 million. The company sold 20975.0 shares recently to bring their total holdings to about 2.15% of the shares outstanding. Vanguard Mid Cap Index Fund bought 22021.0 shares to see its total holdings expand to 3.72 million shares valued at over $335.46 million and representing 1.95% of the shares outstanding. Vanguard 500 Index Fund sold 5113.0 shares to bring its total holdings to over 2.95 million shares at a value of $266.15 million. Vanguard 500 Index Fund now owns shares totaling to 1.55% of the shares outstanding.
Shares of Garmin Ltd. (NASDAQ: GRMN) opened at $98.02, down -$1.06 from a prior closing price of $99.08. However, the script later closed the day at $98.72, down -0.36%. The company’s stock has a 5-day price change of 2.67% and 30.86% over the past three months. GRMN shares are trading 1.19% year to date (YTD), with the 12-month market performance up to 24.25% higher. It has a 12-month low price of $61.04 and touched a high of $105.58 over the same period. Currently, 0.58 million shares have been traded, compared to an average intraday trading volume of 1.12 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.59%, 11.07%, and 10.09% respectively.
Institutional ownership of Garmin Ltd. (NASDAQ: GRMN) shares accounts for 49.10% of the company’s 190.80M shares outstanding. Mutual fund holders own 29.24%, while other institutional holders and individual stakeholders account for 34.06% and 19.49% respectively.
It has a market capitalization of $18.78B and a beta (3y monthly) value of 1.01. The stock’s trailing 12-month PE ratio is 19.38, while the earnings-per-share (ttm) stands at $5.09. The company has a PEG of 3.98 and a Quick Ratio of 2.70 with the debt-to-equity ratio at 0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.65% over the week and 2.40% over the month.
Analysts forecast that Garmin Ltd. (GRMN) will achieve an EPS of $0.39 for the current quarter, $0.82 for the next quarter and $4.32 for 2021. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.68. Comparatively, EPS for the current quarter was $1.16 a year ago. Earnings per share for the fiscal year are expected to increase by 36.40%, and 23.58% over the next financial year. EPS should shrink at an annualized rate of 4.87% over the next five years, compared to 21.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Garmin Ltd. (GRMN) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 5 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GRMN, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on March 02, 2020, with the firm’s price target at $100. Credit Suisse coverage for the Garmin Ltd. (GRMN) stock in a research note released on January 28, 2020 offered a Neutral rating with a price target of. Credit Suisse was of a view on January 27, 2020 that the stock is Neutral, while JP Morgan gave the stock Neutral rating on June 07, 2019, issuing a price target of $77- $75. Longbow on their part issued Neutral rating on February 21, 2019.