Garmin (NYSE:GRMN) Upgraded to Buy by StockNews.com

Garmin (NYSE:GRMN - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a report released on Tuesday.

A number of other equities analysts have also recently issued reports on GRMN. Tigress Financial reissued a "strong-buy" rating and set a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Barrington Research upped their target price on shares of Garmin from $119.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, February 22nd. Bank of America upped their target price on shares of Garmin from $120.00 to $165.00 and gave the stock a "neutral" rating in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Garmin from $139.00 to $155.00 and gave the stock a "neutral" rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus target price of $142.33.

Garmin Stock Up 1.1 %

GRMN traded up $1.49 during trading on Tuesday, reaching $142.51. 788,074 shares of the stock traded hands, compared to its average volume of 948,388. The stock has a market capitalization of $27.33 billion, a PE ratio of 21.02, a P/E/G ratio of 4.58 and a beta of 0.98. The stock's 50-day moving average is $140.87 and its 200 day moving average is $126.85. Garmin has a 12 month low of $94.89 and a 12 month high of $149.54.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.32. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.41 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.35 earnings per share. As a group, equities research analysts anticipate that Garmin will post 5.45 EPS for the current year.

Insider Activity

In other news, Director Jonathan Burrell sold 15,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the completion of the transaction, the director now directly owns 653,834 shares of the company's stock, valued at approximately $97,349,344.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Douglas G. Boessen sold 5,267 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $134.56, for a total value of $708,727.52. Following the completion of the transaction, the chief financial officer now directly owns 30,360 shares of the company's stock, valued at approximately $4,085,241.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jonathan Burrell sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $148.89, for a total transaction of $2,233,350.00. Following the completion of the transaction, the director now directly owns 653,834 shares of the company's stock, valued at $97,349,344.26. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock valued at $14,166,944 in the last three months. Company insiders own 19.89% of the company's stock.

Institutional Trading of Garmin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wetzel Investment Advisors Inc. purchased a new stake in shares of Garmin during the 4th quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin during the 4th quarter valued at $33,000. Avior Wealth Management LLC raised its position in shares of Garmin by 169.5% during the 3rd quarter. Avior Wealth Management LLC now owns 283 shares of the scientific and technical instruments company's stock valued at $30,000 after buying an additional 178 shares in the last quarter. Blue Trust Inc. raised its position in shares of Garmin by 35.2% during the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company's stock valued at $49,000 after buying an additional 99 shares in the last quarter. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Garmin during the 4th quarter valued at $51,000. Hedge funds and other institutional investors own 73.41% of the company's stock.

Garmin Company Profile

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.