Garmin (NYSE:GRMN) Price Target Increased to $175.00 by Analysts at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its target price raised by analysts at JPMorgan Chase & Co. from $155.00 to $175.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.92% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Bank of America raised their price target on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Barrington Research boosted their target price on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, February 22nd. Tigress Financial reissued a “strong-buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Barclays upped their price objective on shares of Garmin from $140.00 to $166.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $153.50.

Garmin Trading Up 0.2 %

Shares of NYSE GRMN traded up $0.25 during midday trading on Thursday, reaching $163.67. 370,214 shares of the company were exchanged, compared to its average volume of 950,718. Garmin has a 1 year low of $96.04 and a 1 year high of $165.50. The stock has a fifty day simple moving average of $144.00 and a 200 day simple moving average of $128.62. The stock has a market cap of $31.44 billion, a P/E ratio of 24.42, a PEG ratio of 4.74 and a beta of 0.99.

Garmin (NYSE:GRMN) last issued its quarterly 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. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the business posted $1.02 earnings per share. The business’s revenue was up 20.4% compared to the same quarter last year. As a group, analysts forecast that Garmin will post 5.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other 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 transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a document filed 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 transaction of $349,710.66. Following the completion of the transaction, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock valued at $14,166,944 in the last three months. Insiders own 19.89% of the company’s stock.

Hedge Funds Weigh In On Garmin

A number of large investors have recently modified their holdings of the company. Artisan Partners Limited Partnership lifted its holdings 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 worth $939,642,000 after acquiring an additional 63,278 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Garmin by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,715,703 shares of the scientific and technical instruments company’s stock valued at $220,541,000 after acquiring an additional 45,242 shares during the period. Northern Trust Corp grew its position in Garmin by 7.1% during the 3rd quarter. Northern Trust Corp now owns 1,630,148 shares of the scientific and technical instruments company’s stock worth $171,492,000 after acquiring an additional 108,427 shares during the last quarter. Invesco Ltd. increased its stake in Garmin by 10.7% in the 3rd quarter. Invesco Ltd. now owns 1,411,205 shares of the scientific and technical instruments company’s stock worth $148,459,000 after purchasing an additional 136,929 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Garmin by 4.4% during the fourth quarter. Wells Fargo & Company MN now owns 1,291,589 shares of the scientific and technical instruments company’s stock valued at $166,021,000 after purchasing an additional 54,001 shares during the period. 73.41% of the stock is 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.