Garmin (NYSE:GRMN) Upgraded to Buy at Longbow Research

Longbow Research upgraded shares of Garmin (NYSE:GRMN) from a neutral rating to a buy rating in a report issued on Wednesday morning, Marketbeat.com reports. Longbow Research currently has $250.00 target price on the scientific and technical instruments company’s stock.

Other analysts have also recently issued research reports about the stock. Tigress Financial increased their price target on shares of Garmin from $285.00 to $305.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Morgan Stanley boosted their price target on shares of Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Barclays lifted their target price on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Garmin presently has a consensus rating of “Hold” and a consensus target price of $241.60.

Garmin Stock Performance

NYSE GRMN opened at $199.43 on Wednesday. The stock’s fifty day moving average is $223.81 and its two-hundred day moving average is $222.12. The firm has a market capitalization of $38.36 billion, a P/E ratio of 24.56, a price-to-earnings-growth ratio of 2.23 and a beta of 1.01. Garmin has a fifty-two week low of $169.26 and a fifty-two week high of $261.69.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 EPS for the quarter, hitting the consensus estimate of $1.99. Garmin had a return on equity of 19.42% and a net margin of 22.63%.The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, sell-side analysts forecast that Garmin will post 7.8 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GRMN. Quaker Wealth Management LLC raised its position in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares in the last quarter. Groupe la Francaise purchased a new stake in shares of Garmin during the first quarter worth approximately $33,000. Richardson Financial Services Inc. increased its stake in shares of Garmin by 62.2% during the third quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 51 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Garmin in the first quarter valued at approximately $38,000. Finally, Cornerstone Planning Group LLC grew its holdings in Garmin by 788.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock worth $39,000 after acquiring an additional 142 shares in 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.