Recent Research Analysts’ Ratings Changes for Garmin (GRMN)

Several analysts have recently updated their ratings and price targets for Garmin (NYSE: GRMN):

• 5/2/2024 – Garmin had its price target raised by analysts at JPMorgan Chase & Co. from $155.00 to $175.00. They now have a “neutral” rating on the stock.
• 5/2/2024 – Garmin had its price target raised by analysts at Barclays PLC from $140.00 to $166.00. They now have an “equal weight” rating on the stock.
• 4/23/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/17/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/11/2024 – Garmin had its price target raised by analysts at JPMorgan Chase & Co. from $139.00 to $155.00. They now have a “neutral” rating on the stock.
• 4/11/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/5/2024 – Garmin was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/3/2024 – Garmin had its price target raised by analysts at Bank of America Co. from $120.00 to $165.00. They now have a “neutral” rating on the stock.
• 3/5/2024 – Garmin was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.

Garmin Stock Performance

NYSE GRMN traded up $0.56 on Thursday, reaching $163.98. 459,192 shares of the stock traded hands, compared to its average volume of 951,848. The company has a market cap of $31.50 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 4.74 and a beta of 0.99. Garmin Ltd. has a 12 month low of $96.04 and a 12 month high of $165.50. The company has a fifty day moving average price of $144.00 and a 200-day moving average price of $128.62.

Garmin (NYSE:GRMN) last announced its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.42. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The company’s revenue was up 20.4% compared to the same quarter last year. As a group, research analysts anticipate that Garmin Ltd. will post 5.45 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 1.83%. Garmin’s dividend payout ratio is presently 43.52%.

Insider Buying and Selling at Garmin

In other Garmin news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares in the company, valued at $969,781.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,476 shares of company stock valued at $14,166,944. 19.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently bought and sold shares of the business. Daiwa Securities Group Inc. raised its stake in shares of Garmin by 12.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 15,122 shares of the scientific and technical instruments company’s stock valued at $2,251,000 after buying an additional 1,677 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in Garmin by 177.5% during the first quarter. Pittenger & Anderson Inc. now owns 17,231 shares of the scientific and technical instruments company’s stock worth $2,565,000 after acquiring an additional 11,021 shares during the period. Nordea Investment Management AB raised its position in Garmin by 4.4% during the first quarter. Nordea Investment Management AB now owns 10,111 shares of the scientific and technical instruments company’s stock valued at $1,503,000 after acquiring an additional 430 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in Garmin in the first quarter valued at approximately $164,000. Finally, Janney Montgomery Scott LLC boosted its position in Garmin by 4.5% in 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 in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

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.