Tigress Financial Increases Garmin (NYSE:GRMN) Price Target to $215.00

Garmin (NYSE:GRMN) had its target price boosted by research 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 target would suggest a potential upside of 24.93% from the stock’s previous close.

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

Garmin Price Performance

Shares of Garmin stock traded up $2.23 on Thursday, hitting $172.10. 346,400 shares of the company’s stock traded hands, compared to its average volume of 839,040. The company has a fifty day moving average of $174.34 and a two-hundred day moving average of $162.03. Garmin has a one year low of $99.61 and a one year high of $184.42. The company has a market capitalization of $33.06 billion, a price-to-earnings ratio of 24.32, a price-to-earnings-growth ratio of 3.16 and a beta of 1.00.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.45 EPS. Equities research analysts anticipate that Garmin will post 6.05 earnings per share for the current year.

Insider Buying and Selling at Garmin

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

Hedge Funds Weigh In On Garmin

Hedge funds have recently bought and sold shares of the company. Epoch Investment Partners Inc. purchased a new stake in Garmin during the 4th quarter valued at $54,460,000. AQR Capital Management LLC increased its position in Garmin by 136.7% in the second quarter. AQR Capital Management LLC now owns 711,849 shares of the scientific and technical instruments company’s stock worth $115,177,000 after purchasing an additional 411,084 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Garmin during the second quarter valued at $45,999,000. Marshall Wace LLP lifted its position in Garmin by 34.0% during the second quarter. Marshall Wace LLP now owns 1,098,443 shares of the scientific and technical instruments company’s stock valued at $178,958,000 after purchasing an additional 278,990 shares during the last quarter. Finally, M&G Plc purchased a new position in shares of Garmin in the 1st quarter worth $38,727,000. Institutional investors own 73.41% of the company’s stock.

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.