Garmin Ltd. (NYSE:GRMN) Receives $142.33 Average Price Target from Brokerages

Shares of Garmin Ltd. (NYSE:GRMN) have received an average recommendation of “Hold” from the six ratings firms that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $142.33.

Several equities analysts have issued reports on GRMN shares. Barrington Research lifted their price target on shares of Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. StockNews.com upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday, April 23rd. Bank of America boosted their price target on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Finally, Tigress Financial restated a “strong-buy” rating and set a $175.00 price target (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the business’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 value of $217,656.18. Following the completion of the transaction, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’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 transaction, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 5,267 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $134.56, for a total value of $708,727.52. Following the sale, the chief financial officer now owns 30,360 shares in the company, valued at $4,085,241.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,476 shares of company stock valued at $14,166,944. Company insiders own 19.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its position in shares of Garmin by 4.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 135,709 shares of the scientific and technical instruments company’s stock worth $20,203,000 after purchasing an additional 5,863 shares during the last quarter. Peterson Wealth Services raised its holdings in shares of Garmin by 3.7% during the first quarter. Peterson Wealth Services now owns 19,085 shares of the scientific and technical instruments company’s stock valued at $2,841,000 after acquiring an additional 684 shares during the last quarter. Norden Group LLC purchased a new position in shares of Garmin in the first quarter valued at approximately $847,000. Vest Financial LLC acquired a new stake in shares of Garmin in the first quarter worth approximately $18,841,000. Finally, Perigon Wealth Management LLC purchased a new stake in shares of Garmin during the first quarter worth approximately $224,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Garmin Price Performance

Shares of GRMN stock opened at $163.44 on Friday. The stock’s 50-day moving average is $144.00 and its 200 day moving average is $128.62. Garmin has a 1-year low of $95.79 and a 1-year high of $164.73. The company has a market cap of $31.39 billion, a P/E ratio of 24.36, a PEG ratio of 4.76 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm posted $1.35 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, analysts anticipate that Garmin will post 5.45 EPS for the current year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.84%. The ex-dividend date is Friday, December 13th. Garmin’s payout ratio is 43.52%.

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.