JPMorgan Chase & Co. Lowers Garmin (NYSE:GRMN) Price Target to $220.00

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

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

Garmin Trading Up 0.8 %

Garmin stock opened at $190.53 on Thursday. Garmin has a 12-month low of $138.86 and a 12-month high of $246.50. The firm has a market capitalization of $36.66 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 1.36 and a beta of 0.92. The firm has a 50 day moving average of $209.42 and a 200 day moving average of $204.41.

Garmin (NYSE:GRMN) last posted its quarterly 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. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.72 earnings per share. On average, analysts predict that Garmin will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.89%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 49.25%.

Insiders Place Their Bets

In related news, VP Susan Lyman sold 2,829 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the transaction, the vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 149,525 shares in the company, valued at $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,342 shares of company stock valued at $5,486,094 in the last quarter. 19.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Garmin

Institutional investors have recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new stake in Garmin during the 4th quarter valued at $26,000. Aster Capital Management DIFC Ltd raised its stake in shares of Garmin by 864.3% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after acquiring an additional 121 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin in the 4th quarter worth about $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of Garmin in the 4th quarter worth about $37,000. Finally, Kentucky Trust Co purchased a new position in shares of Garmin during the 4th quarter worth about $41,000. 81.60% of the stock is owned by 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.