Garmin (NYSE:GRMN) Stock Rating Upgraded by StockNews.com

Garmin (NYSE:GRMNGet Free Report) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

A number of other research analysts also recently weighed in on the company. Barclays lifted their price target on Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Barrington Research boosted their target price on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. JPMorgan Chase & Co. boosted their target price on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Tigress Financial boosted their target price on Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research note on Tuesday, May 14th. Finally, Bank of America downgraded Garmin from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin currently has a consensus rating of “Hold” and an average target price of $156.83.

Read Our Latest Report on GRMN

Garmin Price Performance

Shares of GRMN traded up $0.42 during midday trading on Wednesday, reaching $160.72. The stock had a trading volume of 501,511 shares, compared to its average volume of 647,648. Garmin has a 52 week low of $99.61 and a 52 week high of $171.64. The firm’s 50 day moving average price is $158.83 and its 200-day moving average price is $141.33. The company has a market capitalization of $30.87 billion, a P/E ratio of 22.67, a P/E/G ratio of 3.45 and a beta of 0.98.

Garmin (NYSE:GRMNGet Free Report) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 EPS. On average, equities analysts forecast that Garmin will post 5.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Douglas G. Boessen sold 2,350 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $161.63, for a total transaction of $379,830.50. Following the completion of the transaction, the chief financial officer now owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Garmin news, EVP Patrick Desbois sold 4,126 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Douglas G. Boessen sold 2,350 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The disclosure for this sale can be found here. Insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

Several large investors have recently added to or reduced their stakes in the company. Objective Capital Management LLC bought a new stake in shares of Garmin in the 1st quarter valued at approximately $232,000. DekaBank Deutsche Girozentrale grew its stake in shares of Garmin by 4.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 305,672 shares of the scientific and technical instruments company’s stock valued at $45,405,000 after purchasing an additional 13,754 shares during the period. Boston Partners grew its stake in shares of Garmin by 4.3% in the 1st quarter. Boston Partners now owns 1,416,130 shares of the scientific and technical instruments company’s stock valued at $210,799,000 after purchasing an additional 58,343 shares during the period. Cetera Advisors LLC grew its stake in shares of Garmin by 77.0% in the 1st quarter. Cetera Advisors LLC now owns 4,755 shares of the scientific and technical instruments company’s stock valued at $708,000 after purchasing an additional 2,068 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Garmin by 51.7% in the 1st quarter. Cetera Investment Advisers now owns 28,395 shares of the scientific and technical instruments company’s stock valued at $4,227,000 after purchasing an additional 9,681 shares during the period. Institutional investors and hedge funds own 73.41% of the company’s stock.

About Garmin

(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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