Garmin (NYSE:GRMN) Upgraded at Longbow Research

Garmin (NYSE:GRMN) was upgraded by equities researchers at Longbow Research from a “neutral” rating to a “buy” rating in a research report issued on Wednesday,Benzinga reports.

Other equities analysts have also issued reports about the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a report on Wednesday, October 8th. Tigress Financial increased their price target on shares of Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a report on Tuesday, September 30th. Morgan Stanley boosted their price objective on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Barclays increased their target price on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $239.50.

Garmin Stock Performance

Shares of Garmin stock opened at $197.32 on Wednesday. The stock has a market capitalization of $37.95 billion, a P/E ratio of 24.30, a P/E/G ratio of 2.23 and a beta of 1.01. Garmin has a 52-week low of $169.26 and a 52-week high of $261.69. The stock’s 50-day simple moving average is $224.55 and its 200 day simple moving average is $222.28.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.99. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 earnings per share. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Equities research analysts forecast that Garmin will post 7.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Garmin

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Garmin in the second quarter worth approximately $410,304,000. Vanguard Group Inc. grew its stake in shares of Garmin by 6.9% in the second quarter. Vanguard Group Inc. now owns 19,698,329 shares of the scientific and technical instruments company’s stock worth $4,111,435,000 after purchasing an additional 1,273,163 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Garmin by 649.2% during the 3rd quarter. Alliancebernstein L.P. now owns 1,256,668 shares of the scientific and technical instruments company’s stock valued at $309,417,000 after purchasing an additional 1,088,938 shares during the period. AQR Capital Management LLC raised its position in Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company’s stock valued at $340,574,000 after purchasing an additional 700,967 shares during the last quarter. Finally, Amundi lifted its holdings in Garmin by 138.0% in the 2nd quarter. Amundi now owns 1,158,702 shares of the scientific and technical instruments company’s stock worth $247,255,000 after buying an additional 671,859 shares during the period. Institutional investors own 81.60% of the company’s stock.

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.