Garmin (NYSE:GRMN) Upgraded at StockNews.com

StockNews.com upgraded shares of Garmin (NYSE:GRMN) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Other research analysts also recently issued reports about the stock. Barrington Research increased their price target 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. Tigress Financial reiterated a strong-buy rating and issued a $175.00 price target (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Bank of America increased their price target on shares of Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Garmin from $139.00 to $155.00 and gave the stock a neutral rating in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin has a consensus rating of Hold and an average price target of $142.33.

Garmin Trading Up 0.2 %

Shares of GRMN stock opened at $143.03 on Tuesday. Garmin has a 12-month low of $94.89 and a 12-month high of $149.54. The firm’s 50 day moving average is $142.08 and its 200 day moving average is $127.32. The stock has a market capitalization of $27.43 billion, a P/E ratio of 21.32, a P/E/G ratio of 4.68 and a beta of 0.98.

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

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.10%. Garmin’s payout ratio is 43.52%.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the firm’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 sale, the chief executive officer now directly owns 159,319 shares in the company, valued at approximately $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 related news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on 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 transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the firm’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 transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders have sold 99,476 shares of company stock worth $14,166,944 in the last three months. Company insiders own 19.89% of the company’s stock.

Hedge Funds Weigh In On Garmin

Institutional investors have recently bought and sold shares of the stock. Wetzel Investment Advisors Inc. purchased a new position in Garmin during the fourth quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new position in Garmin during the fourth quarter valued at $33,000. Avior Wealth Management LLC grew its stake in shares of Garmin by 169.5% in the 3rd quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company’s stock worth $30,000 after buying an additional 178 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Garmin by 35.2% in the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock worth $49,000 after buying an additional 99 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Garmin in the 4th quarter worth $51,000. 73.41% of the stock is owned by hedge funds and other 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.