Garmin (NYSE:GRMN) Price Target Raised to $260.00

Garmin (NYSE:GRMN) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $219.00 to $260.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 13.81% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Tigress Financial upped their price objective on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Barclays upped their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, Morgan Stanley upgraded shares of Garmin to a “sell” rating and upped their price objective for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin presently has a consensus rating of “Hold” and an average price target of $190.67.

Garmin Trading Down 5.6 %

NYSE GRMN traded down $13.48 on Thursday, hitting $228.45. 331,818 shares of the company were exchanged, compared to its average volume of 787,621. The company has a market cap of $43.87 billion, a PE ratio of 29.16, a PEG ratio of 1.28 and a beta of 0.98. Garmin has a 12 month low of $128.89 and a 12 month high of $246.50. The stock has a fifty day moving average of $212.99 and a 200-day moving average of $194.84.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. Garmin’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.72 earnings per share. On average, analysts expect that Garmin will post 7.09 earnings per share for the current year.

Insider Activity

In related news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares in the company, valued at approximately $5,743,019.88. This represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 19.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Several institutional investors have recently added to or reduced their stakes in the stock. Investment Management Corp VA ADV bought a new position in Garmin during the fourth quarter valued at about $46,000. JT Stratford LLC grew its position in Garmin by 5.0% during the fourth quarter. JT Stratford LLC now owns 9,448 shares of the scientific and technical instruments company’s stock valued at $1,949,000 after buying an additional 451 shares during the period. Novem Group bought a new position in Garmin during the fourth quarter valued at about $987,000. Principal Street Partners LLC grew its position in Garmin by 1.8% during the fourth quarter. Principal Street Partners LLC now owns 3,201 shares of the scientific and technical instruments company’s stock valued at $660,000 after buying an additional 58 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Garmin by 15.6% during the fourth 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 valued at $206,074,000 after buying an additional 135,135 shares during the period. Institutional investors own 81.60% of the company’s stock.

About Garmin

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.