Garmin (NYSE:GRMN) Price Target Raised to $166.00

Garmin (NYSE:GRMN) had its price objective hoisted by Barclays from $140.00 to $166.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the scientific and technical instruments company’s stock.

GRMN has been the subject of a number of other research reports. Bank of America increased their price target on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a research report on Wednesday, April 3rd. Tigress Financial reiterated a strong-buy rating and issued a $175.00 price objective (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Barrington Research boosted 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. JPMorgan Chase & Co. increased their target price on shares of Garmin from $139.00 to $155.00 and gave the stock a neutral rating in a report on Thursday, April 11th. Finally, StockNews.com raised 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 issued a strong buy rating to the stock. According to data from MarketBeat, Garmin currently has an average rating of Hold and an average target price of $153.50.

Garmin Trading Up 0.0 %

Shares of GRMN stock traded up $0.05 during mid-day trading on Thursday, reaching $166.02. The stock had a trading volume of 163,027 shares, compared to its average volume of 953,597. Garmin has a 12-month low of $99.61 and a 12-month high of $167.70. The company has a market cap of $31.89 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99. The business has a 50-day simple moving average of $145.23 and a 200 day simple moving average of $129.61.

Garmin (NYSE:GRMN) last announced its quarterly earnings results 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 company had revenue of $1.38 billion for 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%. Garmin’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the business earned $1.02 EPS. Research analysts anticipate that Garmin will post 5.58 EPS for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio (DPR) is presently 41.18%.

Insiders Place Their Bets

In other news, CEO Clifton A. Pemble sold 1,622 shares of the firm’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 completion of the sale, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was 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 SEC, which is available at the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total value of $2,233,350.00. Following the completion of the transaction, the director now directly owns 653,834 shares of the company’s stock, 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 worth $14,166,944 over the last quarter. 19.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Garmin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRMN. Wetzel Investment Advisors Inc. acquired a new stake in Garmin during the fourth quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new position in shares of Garmin during the 4th quarter valued at approximately $33,000. Blue Trust Inc. lifted its holdings in Garmin by 35.2% during 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 during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Garmin during the fourth quarter valued at approximately $51,000. Finally, Headinvest LLC bought a new stake in Garmin during the third quarter worth approximately $41,000. 73.41% of the stock is owned by institutional investors and hedge funds.

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.