Garmin (NYSE:GRMN) PT Raised to $215.00 at Tigress Financial

Garmin (NYSE:GRMN) had its price objective lifted by investment analysts at Tigress Financial from $210.00 to $215.00 in a report released on Thursday, Benzinga reports. The firm currently has a “strong-buy” rating on the scientific and technical instruments company’s stock. Tigress Financial’s price objective suggests a potential upside of 24.93% from the company’s current price.

Several other research firms have also recently issued reports on GRMN. StockNews.com cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Bank of America lowered Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a report on Wednesday, May 22nd. Finally, Barclays cut Garmin from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $181.00 to $133.00 in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $152.17.

Garmin Price Performance

Shares of GRMN traded up $2.23 during mid-day trading on Thursday, reaching $172.10. 346,400 shares of the company’s stock traded hands, compared to its average volume of 839,040. The stock’s 50-day moving average is $174.34 and its two-hundred day moving average is $162.03. Garmin has a 12 month low of $99.61 and a 12 month high of $184.42. The stock has a market cap of $33.06 billion, a P/E ratio of 24.32, a P/E/G ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the company posted $1.45 EPS. Garmin’s quarterly revenue was up 14.3% on a year-over-year basis. Research analysts predict that Garmin will post 6.05 earnings per share for the current year.

Insider Activity at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $181.46, for a total transaction of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now owns 40,965 shares in the company, valued at approximately $7,257,359.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the completion of the sale, the director now owns 88,622 shares in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 over the last ninety days. 19.54% of the stock is owned by company insiders.

Institutional Trading of Garmin

A number of institutional investors have recently made changes to their positions in the company. Clearstead Trust LLC acquired a new position in Garmin during the first quarter worth about $30,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Garmin during the 2nd quarter worth approximately $31,000. Frazier Financial Advisors LLC purchased a new stake in shares of Garmin in the fourth quarter valued at approximately $33,000. Family Firm Inc. purchased a new stake in shares of Garmin in the second quarter valued at approximately $35,000. Finally, Benjamin Edwards Inc. increased its holdings in shares of Garmin by 73.3% in the second quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 99 shares during the last quarter. 73.41% of the stock is owned by institutional investors and hedge funds.

About Garmin

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.