JPMorgan Chase & Co. Lowers Garmin (NYSE:GRMN) Price Target to $215.00

Garmin (NYSE:GRMN) had its target price dropped by analysts at JPMorgan Chase & Co. from $220.00 to $215.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 12.15% from the company’s current price.

GRMN has been the subject of several other research reports. Barclays reduced their target price on shares of Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a report on Wednesday. Morgan Stanley increased their price objective on shares of Garmin from $159.00 to $172.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Tigress Financial lifted their target price on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $194.80.

Garmin Trading Up 2.6 %

GRMN stock opened at $191.70 on Thursday. The stock has a 50-day moving average price of $203.74 and a two-hundred day moving average price of $206.39. Garmin has a 1 year low of $158.38 and a 1 year high of $246.50. The stock has a market cap of $36.93 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 earnings per share. On average, analysts forecast that Garmin will post 7.8 earnings per share for the current fiscal year.

Insider Transactions at Garmin

In other Garmin news, COO Patrick Desbois sold 6,911 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the sale, the chief operating officer now directly owns 63,048 shares in the company, valued at $14,321,353.20. This trade represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Susan Lyman sold 2,829 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the sale, the vice president now owns 8,432 shares of the company’s stock, valued at approximately $1,817,180.32. This represents a 25.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,342 shares of company stock worth $5,486,094. 19.54% of the stock is owned by company insiders.

Institutional Trading of Garmin

Several institutional investors have recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Garmin during the first quarter worth $370,000. Forum Financial Management LP raised its stake in Garmin by 19.3% in the 1st quarter. Forum Financial Management LP now owns 2,180 shares of the scientific and technical instruments company’s stock worth $473,000 after purchasing an additional 352 shares in the last quarter. Graypoint LLC boosted its holdings in Garmin by 6.2% in the 1st quarter. Graypoint LLC now owns 1,599 shares of the scientific and technical instruments company’s stock valued at $347,000 after purchasing an additional 94 shares during the period. Parcion Private Wealth LLC grew its position in shares of Garmin by 1.5% during the 1st quarter. Parcion Private Wealth LLC now owns 36,718 shares of the scientific and technical instruments company’s stock worth $7,973,000 after purchasing an additional 535 shares in the last quarter. Finally, Bridgewater Advisors Inc. bought a new position in shares of Garmin during the first quarter worth approximately $379,000. 81.60% of the stock is currently owned by institutional investors.

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.