Garmin (NYSE:GRMN) Price Target Raised to $260.00

Garmin (NYSE:GRMN) had its target price increased by JPMorgan Chase & Co. from $219.00 to $260.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the scientific and technical instruments company’s stock.

A number of other brokerages also recently weighed in on GRMN. Tigress Financial boosted their target price on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, December 16th. Barclays boosted their price objective on shares of Garmin from $133.00 to $158.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Finally, Morgan Stanley upgraded shares of Garmin to a “sell” rating and raised their target price for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $206.80.

Garmin Price Performance

Garmin stock opened at $224.67 on Thursday. The company has a market cap of $43.23 billion, a price-to-earnings ratio of 30.73, a P/E/G ratio of 1.36 and a beta of 0.98. The firm has a 50-day moving average of $213.43 and a 200-day moving average of $195.51. Garmin has a one year low of $131.20 and a one year high of $246.50.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating the consensus estimate of $1.90 by $0.51. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the firm posted $1.72 earnings per share. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. As a group, sell-side analysts expect that Garmin will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is presently 41.04%.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total value of $366,270.39. Following the completion of the sale, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 19.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Garmin in the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd grew its position in shares of Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Garmin during the fourth quarter worth approximately $29,000. Larson Financial Group LLC raised its position in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares in the last quarter. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of Garmin in the fourth quarter valued at approximately $37,000. Institutional investors own 81.60% of the company’s stock.

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.