Garmin (NYSE:GRMN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Garmin (NYSE:GRMN) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

A number of other equities research analysts have also recently issued reports on GRMN. Bank of America boosted their target price on shares of Garmin from $120.00 to $165.00 and gave the company a neutral rating in a report on Wednesday, April 3rd. Barrington Research boosted their target price on shares of Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. cut shares of Garmin from an overweight rating to a neutral rating and set a $135.00 target price on the stock. in a report on Monday, January 8th. Finally, Tigress Financial reissued a strong-buy rating and set a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $139.00.

Garmin Stock Up 1.0 %

Shares of NYSE GRMN opened at $149.07 on Friday. Garmin has a twelve month low of $94.89 and a twelve month high of $149.54. The stock’s 50 day moving average price is $136.11 and its 200-day moving average price is $123.82. The company has a market capitalization of $28.59 billion, a PE ratio of 22.22, a PEG ratio of 4.84 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. Garmin’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.35 EPS. As a group, research analysts expect that Garmin will post 5.45 EPS for the current fiscal year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a $0.75 dividend. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 2.01%. Garmin’s dividend payout ratio (DPR) is presently 43.52%.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the completion of the transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Garmin news, VP Susan Lyman sold 2,587 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,476 shares of company stock worth $14,166,944. Corporate insiders own 19.89% of the company’s stock.

Institutional Trading of Garmin

Institutional investors have recently added to or reduced their stakes in the business. Wetzel Investment Advisors Inc. purchased a new stake in Garmin during the fourth quarter valued at about $26,000. Avior Wealth Management LLC boosted its position in Garmin by 169.5% during the third quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock valued at $30,000 after buying an additional 178 shares during the period. Clear Street Markets LLC boosted its position in Garmin by 107.1% during the first quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock valued at $32,000 after buying an additional 166 shares during the period. Frazier Financial Advisors LLC purchased a new stake in Garmin during the fourth quarter valued at about $33,000. Finally, Headinvest LLC purchased a new stake in shares of Garmin during the third quarter worth about $41,000. 73.41% of the stock is currently owned by hedge funds and other institutional investors.

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.