Analysts Set Garmin Ltd. (NYSE:GRMN) Target Price at $142.33

Shares of Garmin Ltd. (NYSE:GRMN) have earned an average rating of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $153.50.

GRMN has been the topic of several analyst reports. Barrington Research raised their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. raised their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a report on Thursday. Tigress Financial restated a “strong-buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Bank of America raised their price objective on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Finally, Barclays lifted their target price on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday.

Garmin Stock Performance

Garmin stock opened at $165.93 on Friday. The stock has a fifty day moving average of $145.23 and a two-hundred day moving average of $129.28. The company has a market capitalization of $31.87 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 5.36 and a beta of 0.99. Garmin has a fifty-two week low of $99.56 and a fifty-two week high of $166.43.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The business’s revenue was up 20.4% on a year-over-year basis. On average, analysts forecast that Garmin will post 5.45 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio is presently 42.31%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was 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 $21,379,016.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Jonathan Burrell sold 15,000 shares of Garmin stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the sale, the director now directly owns 623,834 shares of the company’s stock, valued at $91,173,339.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares in the company, valued at $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. 19.89% of the stock is owned by corporate insiders.

Institutional Trading of Garmin

Hedge funds and other institutional investors have recently modified their holdings of the business. Wetzel Investment Advisors Inc. purchased a new stake in shares of Garmin during the fourth quarter worth about $26,000. Avior Wealth Management LLC increased its position in shares of Garmin by 169.5% during the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock worth $30,000 after acquiring an additional 178 shares during the last quarter. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin during the fourth quarter worth about $33,000. Headinvest LLC purchased a new stake in shares of Garmin during the third quarter worth about $41,000. Finally, Blue Trust Inc. increased its holdings 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 valued at $49,000 after buying an additional 99 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

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.