Garmin (NYSE:GRMN) PT Raised to $166.00

Garmin (NYSE:GRMN) had its price objective raised by equities researchers at Barclays from $140.00 to $166.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the scientific and technical instruments company’s stock. Barclays‘s target price points to a potential upside of 0.02% from the company’s current price.

A number of other research analysts also recently commented on GRMN. Bank of America increased their target price on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price target on shares of Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Barrington Research boosted their price objective on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Tigress Financial restated a “strong-buy” rating and set a $175.00 price objective (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Finally, StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Six equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $153.50.

Garmin Stock Up 0.4 %

NYSE GRMN traded up $0.64 on Thursday, reaching $165.97. The company had a trading volume of 973,141 shares, compared to its average volume of 983,928. The stock has a market capitalization of $31.88 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 5.42 and a beta of 0.99. Garmin has a 12 month low of $99.56 and a 12 month high of $166.43. The firm’s 50 day moving average price is $145.23 and its 200 day moving average price is $129.28.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 earnings per share. On average, research analysts expect that Garmin will post 5.45 EPS for the current year.

Insider Buying and Selling

In other news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Garmin news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction on 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 sale, the vice president now directly owns 7,174 shares in the company, valued at approximately $969,781.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $134.19, for a total value of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. In the last three months, insiders sold 99,476 shares of company stock valued at $14,166,944. Insiders own 19.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Artisan Partners Limited Partnership lifted its position in shares of Garmin by 0.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 7,310,112 shares of the scientific and technical instruments company’s stock worth $939,642,000 after purchasing an additional 63,278 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Garmin by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock worth $220,541,000 after buying an additional 45,242 shares during the period. Northern Trust Corp boosted its position in Garmin by 7.1% during the 3rd quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock valued at $171,492,000 after acquiring an additional 108,427 shares in the last quarter. Invesco Ltd. boosted its position in Garmin by 10.7% during the 3rd quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock valued at $148,459,000 after acquiring an additional 136,929 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Garmin by 4.4% in the 4th quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock valued at $166,021,000 after acquiring an additional 54,001 shares during the period. 73.41% of the stock is currently owned by institutional investors.

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.