Garmin (NYSE:GRMN) Given New $175.00 Price Target at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its price objective upped by JPMorgan Chase & Co. from $155.00 to $175.00 in a research note issued to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the scientific and technical instruments company’s stock.

Several other research analysts also recently issued reports on the stock. Barrington Research upped their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an equal weight rating in a research note on Thursday, February 22nd. StockNews.com raised shares of Garmin from a hold rating to a buy rating in a research note on Tuesday, April 23rd. Tigress Financial reiterated a strong-buy rating and set a $175.00 price objective (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Bank of America upped their price objective 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, Barclays increased their target price on Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Garmin presently has a consensus rating of Hold and a consensus price target of $153.50.

Garmin Trading Up 0.0 %

Shares of Garmin stock traded up $0.05 during mid-day trading on Thursday, reaching $166.02. 163,027 shares of the stock were exchanged, compared to its average volume of 953,597. Garmin has a fifty-two week low of $99.61 and a fifty-two week high of $167.70. The firm has a 50-day simple moving average of $145.23 and a 200 day simple moving average of $129.61. The company has a market cap of $31.89 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The firm’s revenue was up 20.4% compared to the same quarter last year. On average, research analysts predict that Garmin will post 5.58 EPS for the current fiscal year.

Garmin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. Garmin’s payout ratio is 41.18%.

Insiders Place Their Bets

In other news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. 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 stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total value of $2,233,350.00. Following the completion of the sale, the director now owns 653,834 shares in the company, valued at approximately $97,349,344.26. 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 over the last ninety days. 19.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV lifted its stake in shares of Garmin by 17.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after purchasing an additional 81 shares during the last quarter. 1620 Investment Advisors Inc. grew its position in shares of Garmin by 4.0% in the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock valued at $279,000 after purchasing an additional 84 shares in the last quarter. Greenleaf Trust grew its holdings in shares of Garmin by 2.5% during the 4th quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after purchasing an additional 87 shares during the period. Insight Folios Inc grew its position in Garmin by 3.5% in the 1st quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock valued at $412,000 after acquiring an additional 93 shares in the last quarter. Finally, BayBridge Capital Group LLC increased its stake in shares of Garmin by 3.0% during the first quarter. BayBridge Capital Group LLC now owns 3,274 shares of the scientific and technical instruments company’s stock worth $462,000 after buying an additional 95 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.