StockNews.com Upgrades Garmin (NYSE:GRMN) to “Buy”

Garmin (NYSE:GRMN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

GRMN has been the topic of a number of other reports. Tigress Financial raised their price target on shares of Garmin from $175.00 to $210.00 and gave the company a “strong-buy” rating in a research report on Tuesday, May 14th. JPMorgan Chase & Co. boosted their price objective on Garmin from $155.00 to $175.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $165.00 to $150.00 in a research report on Wednesday, May 22nd. Finally, Barclays boosted their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have assigned 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.com, Garmin has a consensus rating of “Hold” and an average price target of $156.83.

Garmin Price Performance

Shares of GRMN opened at $178.50 on Tuesday. The stock has a 50-day moving average of $167.24 and a 200-day moving average of $154.83. Garmin has a one year low of $99.61 and a one year high of $179.76. The company has a market cap of $34.28 billion, a PE ratio of 25.18, a P/E/G ratio of 3.55 and a beta of 0.98.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business posted $1.45 EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. Analysts expect that Garmin will post 6 EPS for the current fiscal year.

Insider Transactions at Garmin

In related news, EVP Patrick Desbois sold 4,126 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the transaction, the executive vice president now directly owns 58,412 shares of the company’s stock, valued at approximately $9,551,530.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Garmin news, CFO Douglas G. Boessen sold 2,350 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $161.63, for a total value of $379,830.50. Following the completion of the transaction, the chief financial officer now directly owns 28,010 shares of the company’s stock, valued at approximately $4,527,256.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick Desbois sold 4,126 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $163.52, for a total value of $674,683.52. Following the completion of the sale, the executive vice president now owns 58,412 shares in the company, valued at approximately $9,551,530.24. The disclosure for this sale can be found here. Corporate insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp grew its holdings in shares of Garmin by 2.2% during the second quarter. Truist Financial Corp now owns 6,743 shares of the scientific and technical instruments company’s stock worth $1,099,000 after purchasing an additional 148 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new position in Garmin in the 2nd quarter worth approximately $595,000. Creative Planning increased its holdings in shares of Garmin by 7.6% in the 2nd quarter. Creative Planning now owns 33,492 shares of the scientific and technical instruments company’s stock worth $5,456,000 after buying an additional 2,380 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Garmin during the 2nd quarter valued at $508,000. Finally, Scientech Research LLC bought a new stake in shares of Garmin during the 2nd quarter worth $337,000. 73.41% 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.