JPMorgan Chase & Co. Increases Garmin (NYSE:GRMN) Price Target to $135.00

Garmin (NYSE:GRMN) had its price target boosted by analysts at JPMorgan Chase & Co. from $118.00 to $135.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 16.77% from the stock’s current price.

GRMN has been the topic of several other research reports. Bank of America lifted their price target on shares of Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. Morgan Stanley lowered their price target on shares of Garmin from $104.00 to $103.00 and set an “equal weight” rating on the stock in a report on Thursday, August 3rd. Tigress Financial reaffirmed a “strong-buy” rating and set a $165.00 price target on shares of Garmin in a report on Thursday, August 10th. StockNews.com started coverage on shares of Garmin in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Barclays boosted their target price on shares of Garmin from $106.00 to $113.00 and gave the stock an “equal weight” rating in a report on Thursday, August 3rd. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Garmin presently has an average rating of “Hold” and a consensus price target of $127.80.

Garmin Trading Up 1.0 %

Shares of NYSE GRMN opened at $115.61 on Thursday. The firm has a 50 day moving average of $105.45 and a 200 day moving average of $104.57. The firm has a market capitalization of $22.13 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 3.86 and a beta of 0.90. Garmin has a 12-month low of $84.25 and a 12-month high of $116.46.

Garmin (NYSE:GRMN) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.12. Garmin had a net margin of 20.60% and a return on equity of 16.00%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the firm earned $1.24 earnings per share. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. Sell-side analysts predict that Garmin will post 5.25 EPS for the current year.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 4,794 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $105.62, for a total value of $506,342.28. Following the sale, the insider now owns 44,808 shares in the company, valued at $4,732,620.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 19.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Garmin

Several large investors have recently bought and sold shares of the business. Green Alpha Advisors LLC increased its position in Garmin by 1.1% in the second quarter. Green Alpha Advisors LLC now owns 8,429 shares of the scientific and technical instruments company’s stock worth $879,000 after purchasing an additional 95 shares during the last quarter. Financial Gravity Asset Management Inc. increased its position in Garmin by 155.2% during the second quarter. Financial Gravity Asset Management Inc. now owns 171 shares of the scientific and technical instruments company’s stock valued at $433,000 after acquiring an additional 104 shares during the last quarter. Wetherby Asset Management Inc. increased its position in Garmin by 3.7% during the first quarter. Wetherby Asset Management Inc. now owns 2,909 shares of the scientific and technical instruments company’s stock valued at $294,000 after acquiring an additional 105 shares during the last quarter. BRYN MAWR TRUST Co increased its position in Garmin by 4.3% during the first quarter. BRYN MAWR TRUST Co now owns 2,623 shares of the scientific and technical instruments company’s stock valued at $265,000 after acquiring an additional 107 shares during the last quarter. Finally, CWM LLC increased its position in Garmin by 3.0% during the second quarter. CWM LLC now owns 3,689 shares of the scientific and technical instruments company’s stock valued at $385,000 after acquiring an additional 108 shares during the last quarter. Institutional investors own 63.26% of the company’s stock.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; fitness and cycling accessories.