Garmin (NYSE:GRMN) Price Target Raised to $166.00 at Barclays

Garmin (NYSE:GRMN) had its target price lifted by Barclays from $140.00 to $166.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the scientific and technical instruments company’s stock.

A number of other brokerages also recently issued reports on GRMN. StockNews.com upgraded Garmin from a hold rating to a buy rating in a research report on Tuesday, April 23rd. Tigress Financial reissued a strong-buy rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Bank of America increased their price target on shares of Garmin from $120.00 to $165.00 and gave the stock a neutral rating in a report on Wednesday, April 3rd. Barrington Research lifted their price objective 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. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $139.00 to $155.00 and gave the company a neutral rating in a research note on Thursday, April 11th. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $153.50.

Garmin Stock Up 0.4 %

NYSE:GRMN traded up $0.64 during mid-day trading on Thursday, hitting $165.97. 973,141 shares of the stock traded hands, compared to its average volume of 983,928. Garmin has a 12-month low of $99.56 and a 12-month high of $166.43. The company has a market cap of $31.88 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 5.42 and a beta of 0.99. The business’s 50-day moving average price is $145.23 and its 200 day moving average price is $129.28.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the business earned $1.02 EPS. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. Analysts anticipate that Garmin will post 5.45 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, December 13th. Garmin’s dividend payout ratio is presently 41.18%.

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total value of $217,656.18. Following the sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock worth $14,166,944 over the last three months. Company insiders own 19.89% of the company’s stock.

Institutional Trading of Garmin

Several large investors have recently modified their holdings of the business. Epoch Investment Partners Inc. bought a new position in Garmin during the 4th quarter valued at approximately $54,460,000. SW Investment Management LLC purchased a new stake in Garmin in the fourth quarter worth $28,279,000. Goldman Sachs Group Inc. boosted its holdings in Garmin by 28.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after acquiring an additional 190,739 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Garmin by 153.8% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 291,918 shares of the scientific and technical instruments company’s stock valued at $37,737,000 after acquiring an additional 176,908 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in Garmin by 2.5% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,246,834 shares of the scientific and technical instruments company’s stock valued at $762,367,000 after purchasing an additional 176,510 shares during the period. 73.41% of the stock is owned by institutional investors.

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.