Garmin (NYSE:GRMN) Given New $220.00 Price Target at JPMorgan Chase & Co.

Garmin (NYSE:GRMN) had its target price lowered by JPMorgan Chase & Co. from $260.00 to $220.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the scientific and technical instruments company’s stock.

GRMN has been the subject of several other reports. Barclays lifted their target price on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Morgan Stanley upgraded Garmin to a “sell” rating and lifted their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Tigress Financial increased their target price on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $202.80.

Garmin Stock Up 0.8 %

Shares of GRMN stock opened at $190.53 on Thursday. The stock has a market cap of $36.66 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 1.36 and a beta of 0.92. The business’s fifty day moving average is $209.42 and its 200 day moving average is $204.41. Garmin has a twelve month low of $138.86 and a twelve month high of $246.50.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm earned $1.72 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. Equities research analysts expect that Garmin will post 7.8 earnings per share for the current fiscal year.

Garmin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.90 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.89%. Garmin’s dividend payout ratio (DPR) is presently 49.25%.

Insiders Place Their Bets

In related news, Director Matthew Munn sold 4,637 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the transaction, the director now owns 11,450 shares in the company, valued at $2,579,799.50. This represents a 28.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Susan Lyman sold 2,829 shares of Garmin stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total transaction of $609,677.79. Following the completion of the sale, the vice president now directly owns 8,432 shares of the company’s stock, valued at approximately $1,817,180.32. This trade represents a 25.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,342 shares of company stock valued at $5,486,094. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

A number of institutional investors and hedge funds have recently modified their holdings of GRMN. Geneos Wealth Management Inc. boosted its position in Garmin by 1.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company’s stock worth $591,000 after purchasing an additional 49 shares during the last quarter. Curbstone Financial Management Corp boosted its holdings in shares of Garmin by 1.3% in the fourth quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company’s stock worth $802,000 after buying an additional 50 shares during the last quarter. Larson Financial Group LLC grew its position in Garmin by 26.8% during the fourth quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company’s stock valued at $50,000 after buying an additional 51 shares during the period. Addison Advisors LLC grew its position in Garmin by 11.1% during the fourth quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company’s stock valued at $108,000 after buying an additional 52 shares during the period. Finally, HB Wealth Management LLC increased its holdings in Garmin by 1.4% during the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company’s stock valued at $788,000 after buying an additional 53 shares during the last quarter. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

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.