Garmin (NYSE:GRMN) PT Raised to $175.00 at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $155.00 to $175.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 6.92% from the stock’s current price.

A number of other equities research analysts have also weighed in on the stock. Bank of America raised their price objective on shares of Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Barclays increased their price objective on Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a research report on Thursday. Barrington Research upped their price target on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Tigress Financial reiterated a “strong-buy” rating and set a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, StockNews.com upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Five equities research 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, Garmin has a consensus rating of “Hold” and a consensus price target of $153.50.

Garmin Stock Performance

Shares of Garmin stock traded up $0.25 on Thursday, reaching $163.67. The company had a trading volume of 370,214 shares, compared to its average volume of 950,718. The firm has a market cap of $31.44 billion, a PE ratio of 24.42, a PEG ratio of 4.74 and a beta of 0.99. The firm’s 50 day moving average price is $144.00 and its two-hundred day moving average price is $128.62. Garmin has a 52-week low of $96.04 and a 52-week high of $165.50.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.42. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. As a group, sell-side analysts predict that Garmin will post 5.45 EPS for the current year.

Insider Transactions at Garmin

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 value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of Garmin stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 159,319 shares in the company, valued at approximately $21,379,016.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Susan Lyman sold 2,587 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,476 shares of company stock valued at $14,166,944. Insiders own 19.89% of the company’s stock.

Institutional Investors Weigh In On Garmin

Several institutional investors and hedge funds have recently modified their holdings of GRMN. Massmutual Trust Co. FSB ADV raised its stake in shares of Garmin by 17.6% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 542 shares of the scientific and technical instruments company’s stock valued at $81,000 after acquiring an additional 81 shares in the last quarter. 1620 Investment Advisors Inc. increased its stake in shares of Garmin by 4.0% in the fourth quarter. 1620 Investment Advisors Inc. now owns 2,168 shares of the scientific and technical instruments company’s stock worth $279,000 after purchasing an additional 84 shares during the period. Greenleaf Trust increased its position in Garmin by 2.5% during the fourth quarter. Greenleaf Trust now owns 3,518 shares of the scientific and technical instruments company’s stock worth $452,000 after acquiring an additional 87 shares during the period. Insight Folios Inc raised its holdings in Garmin by 3.5% in the 1st quarter. Insight Folios Inc now owns 2,768 shares of the scientific and technical instruments company’s stock valued at $412,000 after acquiring an additional 93 shares in the last quarter. Finally, BayBridge Capital Group LLC lifted its position in Garmin by 3.0% in the first quarter. BayBridge Capital Group LLC now owns 3,274 shares of the scientific and technical instruments company’s stock worth $462,000 after purchasing an additional 95 shares during the period. Institutional investors and hedge funds own 73.41% 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.