Garmin (NYSE:GRMN) PT Raised to $175.00 at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its price target raised by research analysts at JPMorgan Chase & Co. from $155.00 to $175.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 5.44% from the company’s previous close.

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

Garmin Price Performance

Shares of Garmin stock traded up $0.64 on Thursday, hitting $165.97. The company had a trading volume of 973,141 shares, compared to its average volume of 983,928. The stock has a 50-day moving average of $145.23 and a 200-day moving average of $129.28. Garmin has a twelve month low of $99.56 and a twelve month high of $166.43. The firm has a market capitalization of $31.88 billion, a P/E ratio of 23.40, a P/E/G ratio of 5.42 and a beta of 0.99.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping 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 net margin of 24.96% and a return on equity of 17.26%. The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.02 EPS. Equities analysts predict that Garmin will post 5.45 EPS for the current year.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $146.15, for a total value of $2,192,250.00. Following the completion of the sale, the director now owns 623,834 shares in the company, valued at approximately $91,173,339.10. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock valued at $14,166,944 in the last quarter. Company insiders own 19.89% of the company’s stock.

Institutional Trading of Garmin

Several hedge funds and other institutional investors have recently modified their holdings of GRMN. Artisan Partners Limited Partnership lifted its position in Garmin by 0.9% during the fourth 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 acquiring an additional 63,278 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Garmin by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock valued at $220,541,000 after purchasing an additional 45,242 shares during the last quarter. Northern Trust Corp increased its stake in shares of Garmin by 7.1% during the third quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock worth $171,492,000 after purchasing an additional 108,427 shares during the period. Invesco Ltd. lifted its holdings 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 worth $148,459,000 after purchasing an additional 136,929 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in 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 purchasing an additional 54,001 shares during the period. Institutional investors 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.