Garmin (NASDAQ:GRMN) had its target price increased by JPMorgan Chase & Co. from $92.00 to $101.00 in a research report released on Monday morning, The Fly reports. The brokerage currently has an overweight rating on the scientific and technical instruments company’s stock.
Several other brokerages have also recently issued reports on GRMN. Needham & Company LLC reiterated a hold rating on shares of Garmin in a research report on Thursday, April 30th. Credit Suisse Group boosted their price target on shares of Garmin from $100.00 to $104.00 and gave the company a neutral rating in a research report on Thursday, February 20th. Zacks Investment Research upgraded shares of Garmin from a sell rating to a hold rating and set a $91.00 price target on the stock in a research report on Wednesday, May 27th. Bank of America reduced their price target on shares of Garmin from $85.00 to $76.00 and set an underperform rating on the stock in a research report on Monday, May 18th. Finally, Cfra cut their price objective on shares of Garmin from $104.00 to $95.00 and set a hold rating on the stock in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $91.50.
Shares of NASDAQ:GRMN traded down $4.52 during midday trading on Monday, hitting $92.42. 27,910 shares of the stock traded hands, compared to its average volume of 1,087,774. The stock has a market capitalization of $17.72 billion, a PE ratio of 18.22, a P/E/G ratio of 4.24 and a beta of 0.99. The business’s 50 day moving average is $84.29 and its two-hundred day moving average is $89.29. The company has a quick ratio of 2.74, a current ratio of 3.75 and a debt-to-equity ratio of 0.01. Garmin has a one year low of $61.04 and a one year high of $105.58.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Garmin had a net margin of 25.30% and a return on equity of 19.38%. The company had revenue of $856.11 million for the quarter, compared to analysts’ expectations of $817.65 million. During the same quarter in the previous year, the company earned $0.73 earnings per share. Garmin’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that Garmin will post 3.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, March 12th. Garmin’s dividend payout ratio (DPR) is presently 51.24%.
In other news, Director Matthew Munn sold 1,500 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $80.84, for a total transaction of $121,260.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph J. Hartnett purchased 650 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $74.53 per share, for a total transaction of $48,444.50. The disclosure for this purchase can be found here. Corporate insiders own 22.00% of the company’s stock.
Several large investors have recently bought and sold shares of the company. State Street Corp grew its holdings in shares of Garmin by 1.3% during the first quarter. State Street Corp now owns 6,301,488 shares of the scientific and technical instruments company’s stock valued at $472,365,000 after buying an additional 78,854 shares during the last quarter. Geode Capital Management LLC lifted its position in Garmin by 2.6% during the first quarter. Geode Capital Management LLC now owns 3,225,560 shares of the scientific and technical instruments company’s stock valued at $241,467,000 after purchasing an additional 80,991 shares during the period. JPMorgan Chase & Co. lifted its position in Garmin by 30.7% during the first quarter. JPMorgan Chase & Co. now owns 2,645,425 shares of the scientific and technical instruments company’s stock valued at $198,301,000 after purchasing an additional 621,184 shares during the period. Janus Henderson Group PLC lifted its position in Garmin by 36.6% during the fourth quarter. Janus Henderson Group PLC now owns 1,689,034 shares of the scientific and technical instruments company’s stock valued at $164,782,000 after purchasing an additional 452,739 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its position in Garmin by 0.9% during the first quarter. Disciplined Growth Investors Inc. MN now owns 1,580,411 shares of the scientific and technical instruments company’s stock valued at $118,468,000 after purchasing an additional 13,680 shares during the period. Hedge funds and other institutional investors own 46.95% of the company’s stock.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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