Garmin (NYSE:GRMN) Price Target Raised to $215.00

Garmin (NYSE:GRMN) had its target price increased by Tigress Financial from $210.00 to $215.00 in a research note published on Thursday morning, Benzinga reports. Tigress Financial currently has a strong-buy rating on the scientific and technical instruments company’s stock.

A number of other analysts have also weighed in on GRMN. StockNews.com lowered shares of Garmin from a buy rating to a hold rating in a report on Thursday, September 12th. Barclays lowered Garmin from an equal weight rating to an underweight rating and cut their price objective for the stock from $181.00 to $133.00 in a research report on Friday, September 13th. Finally, Bank of America downgraded Garmin from a neutral rating to an underperform rating and decreased their target price for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $152.17.

Garmin Price Performance

Shares of GRMN stock opened at $171.00 on Thursday. The business has a 50-day moving average of $174.48 and a 200 day moving average of $162.63. The stock has a market capitalization of $32.85 billion, a PE ratio of 24.12, a P/E/G ratio of 3.16 and a beta of 1.00. Garmin has a 1-year low of $99.61 and a 1-year high of $184.42.

Garmin (NYSE:GRMN) last issued its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business earned $1.45 earnings per share. The business’s revenue was up 14.3% on a year-over-year basis. Analysts anticipate that Garmin will post 6.05 EPS for the current year.

Insider Transactions at Garmin

In related news, insider Cheng-Wei Wang sold 10,055 shares of Garmin stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the sale, the insider now owns 40,965 shares of the company’s stock, valued at $7,257,359.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total transaction of $499,015.00. Following the transaction, the director now directly owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,892 shares of company stock valued at $2,296,174. Corporate insiders own 19.54% of the company’s stock.

Institutional Investors Weigh In On Garmin

Hedge funds have recently added to or reduced their stakes in the stock. Epoch Investment Partners Inc. purchased a new position in shares of Garmin in the 4th quarter worth about $54,460,000. AQR Capital Management LLC raised its holdings in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after buying an additional 411,084 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Garmin in the second quarter worth about $45,999,000. Marshall Wace LLP grew its holdings in shares of Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after buying an additional 278,990 shares during the last quarter. Finally, M&G Plc purchased a new stake in shares of Garmin during the first quarter valued at approximately $38,727,000. 73.41% of the stock is owned by 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.