JPMorgan Chase & Co. Increases Garmin (NYSE:GRMN) Price Target to $260.00

Garmin (NYSE:GRMN) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $219.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 15.73% from the company’s current price.

A number of other brokerages also recently weighed in on GRMN. Tigress Financial boosted their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research report on Monday, December 16th. Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Finally, Morgan Stanley raised shares of Garmin to a “sell” rating and boosted their price objective for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $195.67.

Garmin Stock Performance

GRMN opened at $224.67 on Thursday. The company has a 50-day moving average of $213.24 and a 200-day moving average of $195.07. The company has a market capitalization of $43.14 billion, a P/E ratio of 30.73, a PEG ratio of 1.44 and a beta of 0.98. Garmin has a 1-year low of $131.20 and a 1-year high of $246.50.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the firm earned $1.72 EPS. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, sell-side analysts expect that Garmin will post 7.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Douglas G. Boessen sold 1,761 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 19.54% of the stock is owned by insiders.

Institutional Trading of Garmin

A number of institutional investors have recently made changes to their positions in the stock. Investment Management Corp VA ADV acquired a new stake in shares of Garmin in the 4th quarter worth approximately $46,000. JT Stratford LLC lifted its stake in shares of Garmin by 5.0% in the 4th quarter. JT Stratford LLC now owns 9,448 shares of the scientific and technical instruments company’s stock worth $1,949,000 after acquiring an additional 451 shares during the period. Novem Group acquired a new stake in shares of Garmin in the 4th quarter worth approximately $987,000. Principal Street Partners LLC lifted its stake in shares of Garmin by 1.8% in the 4th quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company’s stock worth $660,000 after acquiring an additional 58 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Garmin by 15.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 999,096 shares of the scientific and technical instruments company’s stock worth $206,074,000 after acquiring an additional 135,135 shares during the period. 81.60% of the stock is owned by institutional investors and hedge funds.

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.