Garmin (NASDAQ:GRMN) Price Target Raised to $110.00

Garmin (NASDAQ:GRMN) had its price target hoisted by JPMorgan Chase & Co. from $101.00 to $110.00 in a research note issued to investors on Thursday, The Fly reports.

A number of other equities research analysts have also issued reports on the stock. Bank of America reduced their target price on shares of Garmin from $85.00 to $76.00 and set an underperform rating on the stock in a report on Monday, May 18th. Cfra reduced their price objective on shares of Garmin from $104.00 to $95.00 and set a hold rating on the stock in a report on Wednesday, April 29th. Tigress Financial restated a buy rating on shares of Garmin in a report on Thursday, May 28th. BidaskClub upgraded shares of Garmin from a sell rating to a hold rating in a report on Friday, May 29th. Finally, Zacks Investment Research upgraded shares of Garmin from a sell rating to a hold rating and set a $91.00 price objective on the stock in a report on Wednesday, May 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Garmin presently has a consensus rating of Hold and a consensus price target of $95.43.

Garmin stock traded down $1.42 during mid-day trading on Thursday, reaching $98.59. 983,899 shares of the company’s stock were exchanged, compared to its average volume of 951,705. The company has a market cap of $18.83 billion, a P/E ratio of 20.20, a P/E/G ratio of 4.16 and a beta of 0.99. Garmin has a twelve month low of $61.04 and a twelve month high of $105.58. The company has a quick ratio of 2.74, a current ratio of 2.80 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average of $97.13 and a 200-day moving average of $89.16.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.53. The company had revenue of $870.00 million for the quarter, compared to analyst estimates of $666.68 million. Garmin had a net margin of 24.82% and a return on equity of 17.77%. The firm’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.16 EPS. Equities research analysts expect that Garmin will post 3.41 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Investors of record on Monday, March 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, March 12th. This represents a $2.44 annualized dividend and a yield of 2.47%. Garmin’s dividend payout ratio is currently 54.83%.

In other Garmin news, CEO Clifton A. Pemble sold 14,720 shares of the firm’s stock in a transaction on Friday, July 17th. The shares were sold at an average price of $99.91, for a total transaction of $1,470,675.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Munn sold 1,500 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $80.84, for a total transaction of $121,260.00. The disclosure for this sale can be found here. Insiders have sold a total of 20,038 shares of company stock worth $1,954,454 over the last quarter. 22.00% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the business. Lowe Wealth Advisors LLC purchased a new position in Garmin during the 1st quarter worth $30,000. Capital Square LLC purchased a new stake in shares of Garmin in the first quarter valued at about $34,000. Quadrant Capital Group LLC boosted its holdings in shares of Garmin by 169.0% in the fourth quarter. Quadrant Capital Group LLC now owns 382 shares of the scientific and technical instruments company’s stock valued at $35,000 after acquiring an additional 240 shares in the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Garmin in the first quarter valued at about $36,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Garmin in the first quarter valued at about $36,000. 46.89% of the stock is currently owned by institutional investors.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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Analyst Recommendations for Garmin (NASDAQ:GRMN)

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