JPMorgan Chase & Co. Raises Garmin (NYSE:GRMN) Price Target to $175.00

Garmin (NYSE:GRMN) had its price objective hoisted by JPMorgan Chase & Co. from $155.00 to $175.00 in a report issued on Thursday morning, Benzinga reports. They currently have a neutral rating on the scientific and technical instruments company’s stock.

Other equities research analysts have also issued research reports about the stock. Barrington Research lifted their target price on shares of Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Bank of America lifted their target price on Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. Tigress Financial reiterated a strong-buy rating and set a $175.00 price target (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. StockNews.com raised Garmin from a hold rating to a buy rating in a report on Tuesday, April 23rd. Finally, Barclays upped their target price on shares of Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $153.50.

Garmin Price Performance

Shares of Garmin stock traded up $0.05 during trading on Thursday, hitting $166.02. 163,027 shares of the stock were exchanged, compared to its average volume of 953,597. The stock has a market cap of $31.89 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99. Garmin has a 12-month low of $99.61 and a 12-month high of $167.70. The firm’s 50-day moving average price is $145.23 and its 200 day moving average price is $129.61.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company posted $1.02 earnings per share. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. As a group, research analysts forecast that Garmin will post 5.58 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. Garmin’s payout ratio is presently 41.18%.

Insider Activity at Garmin

In other news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was 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 of the company’s stock, valued at $106,236,760. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Garmin news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $140.00, for a total value of $2,100,000.00. Following the completion of the transaction, the director now owns 758,834 shares in the company, valued at approximately $106,236,760. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,476 shares of company stock worth $14,166,944. 19.54% of the stock is owned by insiders.

Institutional Trading of Garmin

A number of large investors have recently made changes to their positions in the stock. Massmutual Trust Co. FSB ADV raised its holdings 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 worth $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. raised its holdings in Garmin by 4.0% in 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 acquiring an additional 84 shares during the period. Greenleaf Trust boosted its holdings in Garmin by 2.5% in the 4th 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. Insight Folios Inc lifted its position in shares of Garmin by 3.5% during the 1st quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock worth $412,000 after buying an additional 93 shares during the period. Finally, BayBridge Capital Group LLC raised its position in shares of Garmin by 3.0% during the first quarter. BayBridge Capital Group LLC now owns 3,274 shares of the scientific and technical instruments company’s stock worth $462,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 73.41% 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.