Weekly Investment Analysts’ Ratings Updates for Garmin (GRMN)

A number of firms have modified their ratings and price targets on shares of Garmin (NYSE: GRMN) recently:

• 4/11/2024 – Garmin had its price target raised by analysts at JPMorgan Chase & Co. from $139.00 to $155.00. They now have a “neutral” rating on the stock.
• 4/11/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/5/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/3/2024 – Garmin had its price target raised by analysts at Bank of America Co. from $120.00 to $165.00. They now have a “neutral” rating on the stock.
• 3/5/2024 – Garmin was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 2/28/2024 – Garmin was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 2/27/2024 – Garmin had its “strong-buy” rating reaffirmed by analysts at Tigress Financial. They now have a $175.00 price target on the stock, up previously from $165.00.
• 2/22/2024 – Garmin had its price target raised by analysts at Barrington Research from $119.00 to $140.00. They now have an “equal weight” rating on the stock.

Garmin Stock Up 0.2 %

Shares of NYSE GRMN traded up $0.35 during trading on Thursday, reaching $146.31. 42,309 shares of the company traded hands, compared to its average volume of 925,406. The firm has a 50 day simple moving average of $137.65 and a 200-day simple moving average of $124.58. The stock has a market capitalization of $28.06 billion, a PE ratio of 21.80, a P/E/G ratio of 4.89 and a beta of 0.98. Garmin Ltd. has a 52-week low of $94.89 and a 52-week high of $149.54.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.35 earnings per share. As a group, research analysts predict that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.05%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio is currently 43.52%.

Insider Activity

In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the sale, the director now owns 758,834 shares in the company, valued at $106,236,760. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $140.00, for a total transaction of $2,100,000.00. Following the transaction, the director now owns 758,834 shares in the company, valued at $106,236,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock worth $14,166,944 over the last quarter. Insiders own 19.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GRMN. Massmutual Trust Co. FSB ADV boosted its stake in shares of Garmin by 17.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. boosted its stake in shares of Garmin by 4.0% during the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock valued at $279,000 after purchasing an additional 84 shares during the period. Greenleaf Trust boosted its stake in shares of Garmin by 2.5% during the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after purchasing an additional 87 shares during the period. First Trust Direct Indexing L.P. lifted its stake in Garmin by 1.4% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock worth $924,000 after acquiring an additional 96 shares during the period. Finally, Blue Trust Inc. lifted its stake in Garmin by 35.2% in the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after acquiring an additional 99 shares during the period. Institutional investors own 73.41% of the company’s stock.

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.