Garmin (NYSE:GRMN) Given New $285.00 Price Target at Tigress Financial

Garmin (NYSE:GRMN) had its target price increased by Tigress Financial from $265.00 to $285.00 in a report released on Wednesday morning,Benzinga reports. Tigress Financial currently has a strong-buy rating on the scientific and technical instruments company’s stock.

Several other analysts have also recently commented on the stock. Barclays raised their price objective on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Morgan Stanley upgraded shares of Garmin to a “sell” rating and raised their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $210.80.

Garmin Stock Up 2.2 %

Shares of NYSE GRMN opened at $228.88 on Wednesday. Garmin has a 52 week low of $136.25 and a 52 week high of $246.50. The firm has a 50-day moving average price of $215.06 and a 200 day moving average price of $197.58. The stock has a market capitalization of $44.04 billion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last announced its quarterly earnings data 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 net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same quarter last year, the business earned $1.72 earnings per share. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. Equities research analysts expect that Garmin will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.57%. Garmin’s dividend payout ratio (DPR) is currently 41.04%.

Insider Buying and Selling at Garmin

In other news, COO Patrick Desbois sold 6,911 shares of Garmin stock in a transaction dated 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. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,202 shares of Garmin stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the sale, the chief executive officer now owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,274 shares of company stock worth $5,242,686. 19.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. grew its holdings in shares of Garmin by 123.2% during the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after buying an additional 156,441 shares in the last quarter. Trajan Wealth LLC increased its position in Garmin by 9.1% during the third quarter. Trajan Wealth LLC now owns 82,362 shares of the scientific and technical instruments company’s stock worth $14,498,000 after purchasing an additional 6,878 shares during the last quarter. Passumpsic Savings Bank acquired a new position in Garmin during the third quarter worth approximately $3,137,000. Advisors Asset Management Inc. increased its position in Garmin by 24.2% during the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after purchasing an additional 3,415 shares during the last quarter. Finally, National Pension Service increased its position in Garmin by 25.7% during the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock worth $50,004,000 after purchasing an additional 58,025 shares during the last quarter. 81.60% of the stock is currently owned by hedge funds and other 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.