Garmin (NYSE:GRMN) Sets New 52-Week High at $172.43

Garmin Ltd. (NYSE:GRMN)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $172.43 and last traded at $172.36, with a volume of 28949 shares changing hands. The stock had previously closed at $170.12.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GRMN shares. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Barclays upped their price target on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 2nd. Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Tigress Financial upped their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. increased their price target on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $156.83.

Garmin Price Performance

The business’s fifty day moving average price is $164.24 and its two-hundred day moving average price is $146.05. The stock has a market capitalization of $33.35 billion, a PE ratio of 23.99, a price-to-earnings-growth ratio of 3.64 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 EPS. As a group, equities research analysts anticipate that Garmin Ltd. will post 5.77 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.75 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.73%. Garmin’s dividend payout ratio (DPR) is presently 42.31%.

Insider Buying and Selling at Garmin

In related news, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,350 shares of Garmin stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total transaction of $379,830.50. Following the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at $4,527,256.30. The disclosure for this sale can be found here. Company insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Clearstead Trust LLC purchased a new stake in shares of Garmin during the 1st quarter worth about $30,000. Wetzel Investment Advisors Inc. acquired a new position in Garmin in the 4th quarter worth about $26,000. Frazier Financial Advisors LLC purchased a new position in Garmin during the fourth quarter worth approximately $33,000. Blue Trust Inc. increased its position in shares of 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 in the last quarter. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Garmin during the 4th quarter valued at approximately $51,000. 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.