Garmin (NYSE:GRMN) Stock Rating Upgraded by StockNews.com

Garmin (NYSE:GRMN) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

GRMN has been the subject of a number of other reports. Barrington Research lifted 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 reiterated a “strong-buy” rating and issued a $175.00 price objective (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. JPMorgan Chase & Co. raised their target price on Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Finally, Bank of America upped their price target on Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $142.33.

Garmin Stock Down 0.3 %

Shares of NYSE:GRMN opened at $140.63 on Wednesday. The firm has a fifty day moving average of $140.20 and a two-hundred day moving average of $126.02. Garmin has a 12-month low of $94.89 and a 12-month high of $149.54. The firm has a market capitalization of $26.97 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 4.66 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.32. Garmin had a return on equity of 16.60% and a net margin of 24.67%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities research analysts expect that Garmin will post 5.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Garmin news, VP Susan Lyman sold 2,587 shares of Garmin 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 owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s 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 approximately $21,379,016.61. 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 ninety days. Company insiders own 19.89% of the company’s stock.

Institutional Trading of Garmin

Several institutional investors have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV lifted its stake in Garmin by 17.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock worth $81,000 after purchasing an additional 81 shares during the period. 1620 Investment Advisors Inc. boosted its stake in Garmin by 4.0% in the 4th quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock valued at $279,000 after buying an additional 84 shares in the last quarter. Greenleaf Trust grew its position in Garmin by 2.5% in the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock valued at $452,000 after acquiring an additional 87 shares during the period. First Trust Direct Indexing L.P. raised its stake in Garmin by 1.4% during the fourth quarter. First Trust Direct Indexing L.P. now owns 7,189 shares of the scientific and technical instruments company’s stock worth $924,000 after acquiring an additional 96 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Garmin by 35.2% during the fourth quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after acquiring an additional 99 shares during the period. 73.41% of the stock is currently owned by institutional investors and hedge funds.

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.