Garmin (NYSE:GRMN) Hits New 1-Year High at $168.00

Garmin Ltd. (NYSE:GRMN)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $168.00 and last traded at $167.39, with a volume of 29613 shares. The stock had previously closed at $167.88.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GRMN. Barrington Research raised their price target on Garmin from $119.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. JPMorgan Chase & Co. lifted their target price on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America lifted their target price on Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 3rd. Finally, Tigress Financial reiterated a “strong-buy” rating and set a $175.00 target price (up from $165.00) on shares of Garmin in a research report on Tuesday, February 27th. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Garmin presently has an average rating of “Hold” and a consensus target price of $153.50.

Garmin Stock Down 0.4 %

The stock has a market cap of $32.52 billion, a P/E ratio of 23.88, a PEG ratio of 5.31 and a beta of 0.99. The business has a 50 day moving average price of $147.88 and a 200 day moving average price of $131.07.

Garmin (NYSE:GRMN) last released its 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. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. On average, research analysts expect that Garmin Ltd. will post 5.58 earnings per share for the current fiscal year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.75 dividend. The ex-dividend date is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.77%. Garmin’s dividend payout ratio is presently 42.31%.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 1,622 shares of the 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 completion of the sale, the chief executive officer now owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Garmin news, CEO Clifton A. Pemble sold 1,622 shares of the company’s 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 owns 159,319 shares in the company, valued at approximately $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 653,834 shares in the company, valued at $97,349,344.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 99,476 shares of company stock worth $14,166,944. 19.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC grew its position in Garmin by 3.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 2,309 shares of the scientific and technical instruments company’s stock worth $344,000 after purchasing an additional 73 shares during the period. Kingsview Wealth Management LLC acquired a new stake in Garmin during the 1st quarter worth about $2,158,000. Zega Financial LLC acquired a new stake in Garmin during the 1st quarter worth about $268,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Garmin by 14.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 189,670 shares of the scientific and technical instruments company’s stock worth $28,236,000 after purchasing an additional 24,661 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Garmin by 3.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 173,715 shares of the scientific and technical instruments company’s stock valued at $25,861,000 after acquiring an additional 5,945 shares during the period. 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.