Garmin (NYSE:GRMN) Price Target Raised to $260.00 at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its target price lifted by JPMorgan Chase & Co. from $219.00 to $260.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the scientific and technical instruments company’s stock.

A number of other analysts have also issued reports on the stock. Morgan Stanley upgraded shares of Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Barclays lifted their price objective on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Tigress Financial lifted their price target on shares of Garmin from $215.00 to $265.00 and gave the stock a “strong-buy” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $195.67.

Garmin Stock Down 5.5 %

Shares of GRMN stock opened at $228.61 on Thursday. The stock has a market cap of $43.90 billion, a price-to-earnings ratio of 31.27, a price-to-earnings-growth ratio of 1.44 and a beta of 0.98. Garmin has a fifty-two week low of $128.89 and a fifty-two week high of $246.50. The firm’s 50 day moving average price is $212.99 and its two-hundred day moving average price is $194.84.

Garmin (NYSE:GRMN) last posted its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.72 earnings per share. On average, equities analysts forecast 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 paid 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 payout ratio is 41.04%.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the sale, the chief financial officer now owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.54% of the stock is owned by insiders.

Institutional Trading of Garmin

Several institutional investors have recently added to or reduced their stakes in GRMN. Norges Bank acquired a new position in shares of Garmin during the fourth quarter valued at $396,184,000. FMR LLC boosted its holdings in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after acquiring an additional 1,093,219 shares during the period. Montrusco Bolton Investments Inc. acquired a new position in shares of Garmin during the third quarter valued at $53,252,000. Northern Trust Corp boosted its holdings in shares of Garmin by 20.2% during the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock valued at $352,394,000 after acquiring an additional 286,765 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock valued at $50,570,000 after acquiring an additional 270,186 shares during the period. Institutional investors own 81.60% of the company’s stock.

About Garmin

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.