JPMorgan Chase & Co. Has Lowered Expectations for Garmin (NYSE:GRMN) Stock Price

Garmin (NYSE:GRMN) had its price objective cut by research analysts at JPMorgan Chase & Co. from $220.00 to $215.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the scientific and technical instruments company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 12.15% from the stock’s current price.

A number of other equities analysts also recently commented on GRMN. Tigress Financial raised their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 26th. Morgan Stanley lifted their price objective on Garmin from $159.00 to $172.00 and gave the company an “underweight” rating in a report on Thursday. Finally, Barclays dropped their target price on Garmin from $188.00 to $152.00 and set an “underweight” rating for the company in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $194.80.

Garmin Stock Up 2.6 %

GRMN stock opened at $191.70 on Thursday. Garmin has a twelve month low of $158.38 and a twelve month high of $246.50. The company has a market cap of $36.93 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The business’s 50-day simple moving average is $203.74 and its 200 day simple moving average is $206.39.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.50 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. Garmin’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.42 EPS. On average, equities research analysts anticipate that Garmin will post 7.8 EPS for the current year.

Insider Transactions at Garmin

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total value of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares of the company’s stock, valued at approximately $33,963,108.50. This represents a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Patrick Desbois sold 6,911 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the transaction, the chief operating officer now owns 63,048 shares of the company’s stock, valued at $14,321,353.20. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,342 shares of company stock worth $5,486,094. Insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

A number of hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new position in shares of Garmin during the third quarter worth $501,000. Wilmington Savings Fund Society FSB acquired a new stake in Garmin during the 3rd quarter worth $185,000. Franklin Resources Inc. lifted its holdings in Garmin by 35.8% during the third quarter. Franklin Resources Inc. now owns 135,477 shares of the scientific and technical instruments company’s stock worth $22,755,000 after acquiring an additional 35,703 shares in the last quarter. Principal Financial Group Inc. grew its stake in Garmin by 3.1% in the third quarter. Principal Financial Group Inc. now owns 199,713 shares of the scientific and technical instruments company’s stock valued at $35,155,000 after acquiring an additional 5,965 shares during the period. Finally, Versant Capital Management Inc increased its holdings in shares of Garmin by 78.0% in the fourth quarter. Versant Capital Management Inc now owns 493 shares of the scientific and technical instruments company’s stock worth $102,000 after acquiring an additional 216 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

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.