Garmin (NYSE:GRMN) Price Target Raised to $250.00

Garmin (NYSE:GRMN - Get Free Report) had its price target raised by equities researchers at JPMorgan Chase & Co. from $215.00 to $250.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the scientific and technical instruments company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 11.31% from the stock's previous close.

GRMN has been the topic of several other research reports. Barclays lowered their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Morgan Stanley lifted their price target on shares of Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Garmin has an average rating of "Hold" and a consensus price target of $214.75.

Garmin Stock Up 1.7%

GRMN traded up $3.80 during trading on Thursday, hitting $224.60. 410,575 shares of the company's stock were exchanged, compared to its average volume of 904,893. Garmin has a fifty-two week low of $160.71 and a fifty-two week high of $246.50. The stock has a market cap of $43.24 billion, a P/E ratio of 29.53, a PEG ratio of 2.42 and a beta of 0.97. The business's 50 day moving average is $205.81 and its two-hundred day moving average is $207.35.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). Garmin had a net margin of 22.76% and a return on equity of 19.21%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $1.42 earnings per share. Garmin's revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts forecast that Garmin will post 7.8 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Douglas G. Boessen sold 1,859 shares of Garmin stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at approximately $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GRMN. Norges Bank bought a new stake in shares of Garmin during the 4th quarter valued at about $396,184,000. GAMMA Investing LLC boosted its holdings in Garmin by 25,047.9% during the 1st quarter. GAMMA Investing LLC now owns 885,456 shares of the scientific and technical instruments company's stock valued at $192,259,000 after acquiring an additional 881,935 shares during the period. AQR Capital Management LLC grew its holdings in shares of Garmin by 79.3% in the first quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock worth $340,574,000 after purchasing an additional 700,967 shares during the last quarter. Congress Asset Management Co. raised its stake in shares of Garmin by 673.4% during the first quarter. Congress Asset Management Co. now owns 441,318 shares of the scientific and technical instruments company's stock valued at $95,823,000 after acquiring an additional 384,258 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Garmin in the first quarter worth $78,900,000. Hedge funds and other 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.

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