Garmin (NYSE:GRMN) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Garmin Ltd. (NYSE:GRMN - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $183.03 and traded as high as $208.18. Garmin shares last traded at $206.26, with a volume of 496,060 shares changing hands.

Wall Street Analysts Forecast Growth

GRMN has been the subject of several research reports. Tigress Financial raised their price objective on shares of Garmin from $215.00 to $265.00 and gave the stock a "strong-buy" rating in a research report on Monday, December 16th. Morgan Stanley cut Garmin from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $155.00 to $138.00 in a report on Monday, October 7th. Barclays upped their price objective on Garmin from $133.00 to $158.00 and gave the company an "underweight" rating in a report on Friday, November 1st. Finally, StockNews.com downgraded Garmin from a "buy" rating to a "hold" rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $171.00.

Garmin Trading Down 0.6 %

The stock has a market capitalization of $39.61 billion, a P/E ratio of 26.18, a P/E/G ratio of 1.46 and a beta of 0.97. The business has a 50-day moving average price of $206.91 and a two-hundred day moving average price of $183.19.

Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.53. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a return on equity of 17.99% and a net margin of 25.48%. Garmin's revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share. On average, sell-side analysts forecast that Garmin Ltd. will post 7.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Sean Biddlecombe sold 587 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the completion of the transaction, the director now owns 6,147 shares of the company's stock, valued at approximately $1,291,484.70. This represents a 8.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Douglas G. Boessen sold 1,761 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GRMN. University of Texas Texas AM Investment Management Co. bought a new stake in Garmin during the 2nd quarter worth $31,000. Larson Financial Group LLC boosted its stake in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company's stock valued at $33,000 after purchasing an additional 162 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Garmin by 73.3% during the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company's stock worth $38,000 after purchasing an additional 99 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Garmin in the third quarter valued at approximately $39,000. Finally, Headlands Technologies LLC bought a new position in Garmin in the 2nd quarter valued at approximately $46,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Company Profile

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.