Garmin (NYSE:GRMN) PT Raised to $175.00

Garmin (NYSE:GRMN) had its price target increased by JPMorgan Chase & Co. from $155.00 to $175.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the scientific and technical instruments company’s stock.

GRMN has been the topic of a number of other research reports. StockNews.com upgraded Garmin from a hold rating to a buy rating in a research note on Tuesday, April 23rd. Bank of America increased their price target on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research note on Wednesday, April 3rd. Tigress Financial restated a strong-buy rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Barrington Research increased their price target on Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Finally, Barclays increased their price target on Garmin from $140.00 to $166.00 and gave the company an equal weight rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of Hold and an average target price of $153.50.

Garmin Trading Up 0.4 %

Shares of Garmin stock traded up $0.64 on Thursday, reaching $165.97. 973,141 shares of the company were exchanged, compared to its average volume of 983,928. Garmin has a one year low of $99.56 and a one year high of $166.43. The company has a market capitalization of $31.88 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 5.44 and a beta of 0.99. The company has a 50-day moving average of $145.23 and a 200 day moving average of $129.44.

Garmin (NYSE:GRMN) last announced 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 analysts’ consensus estimates of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue was up 20.4% compared to the same quarter last year. Analysts predict that Garmin will post 5.58 earnings per share for the current year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is 41.18%.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total value of $2,233,350.00. Following the sale, the director now directly owns 653,834 shares in the company, valued at $97,349,344.26. The disclosure for this sale can be found here. Insiders have sold a total of 99,476 shares of company stock valued at $14,166,944 in the last ninety days. 19.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Garmin

Several institutional investors and hedge funds have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV lifted its position in shares of Garmin by 17.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after buying an additional 81 shares during the last quarter. 1620 Investment Advisors Inc. lifted its position in shares of Garmin by 4.0% during the 4th quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after buying an additional 84 shares during the last quarter. Greenleaf Trust lifted its position in shares of Garmin by 2.5% during the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after buying an additional 87 shares during the last quarter. Insight Folios Inc raised its position in Garmin by 3.5% in the first quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock valued at $412,000 after purchasing an additional 93 shares during the last quarter. Finally, BayBridge Capital Group LLC raised its position in Garmin by 3.0% in the first quarter. BayBridge Capital Group LLC now owns 3,274 shares of the scientific and technical instruments company’s stock valued at $462,000 after purchasing an additional 95 shares during the last quarter. 73.41% of the stock is currently owned by 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.