Garmin (NYSE:GRMN) Price Target Increased to $165.00 by Analysts at Bank of America

Garmin (NYSE:GRMNFree Report) had its price objective raised by Bank of America from $120.00 to $165.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the scientific and technical instruments company’s stock.

A number of other research firms have also issued reports on GRMN. Tigress Financial reaffirmed a strong-buy rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. StockNews.com lowered Garmin from a buy rating to a hold rating in a report on Tuesday, March 5th. Barrington Research raised their target price on Garmin from $119.00 to $140.00 and gave the company an equal weight rating in a report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. lowered Garmin from an overweight rating to a neutral rating and set a $135.00 price objective on the stock. in a report on Monday, January 8th. Seven analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Garmin presently has a consensus rating of Hold and an average target price of $139.00.

Read Our Latest Stock Report on GRMN

Garmin Stock Performance

Shares of NYSE GRMN opened at $146.01 on Wednesday. The firm has a market cap of $28.00 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 4.85 and a beta of 0.98. The business’s 50-day simple moving average is $135.26 and its 200-day simple moving average is $123.15. Garmin has a 52 week low of $94.89 and a 52 week high of $149.54.

Garmin (NYSE:GRMNGet Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.32. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.41 billion. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.35 EPS. As a group, equities research analysts forecast that Garmin will post 5.43 earnings per share for the current year.

Garmin Announces Dividend

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 issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s payout ratio is presently 43.52%.

Insider Transactions at Garmin

In related news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,476 shares of company stock valued at $14,166,944. 19.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Garmin by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 17,276,118 shares of the scientific and technical instruments company’s stock valued at $2,049,121,000 after purchasing an additional 365,713 shares during the last quarter. BlackRock Inc. raised its position in Garmin by 1.6% in the 1st quarter. BlackRock Inc. now owns 15,034,948 shares of the scientific and technical instruments company’s stock valued at $1,517,327,000 after purchasing an additional 239,988 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Garmin by 0.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 7,310,112 shares of the scientific and technical instruments company’s stock valued at $939,642,000 after buying an additional 63,278 shares during the period. State Street Corp increased its stake in shares of Garmin by 5.5% in the 3rd quarter. State Street Corp now owns 6,798,228 shares of the scientific and technical instruments company’s stock valued at $545,971,000 after buying an additional 355,087 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Garmin by 2.1% in the 1st quarter. Geode Capital Management LLC now owns 3,433,511 shares of the scientific and technical instruments company’s stock valued at $345,772,000 after buying an additional 70,082 shares during the period. Institutional investors own 73.41% of the company’s stock.

Garmin Company Profile

(Get Free Report)

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.

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