Garmin (NYSE:GRMN) Stock Price Expected to Rise, Tigress Financial Analyst Says

Garmin (NYSE:GRMN) had its price target upped by Tigress Financial from $215.00 to $265.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a strong-buy rating on the scientific and technical instruments company’s stock.

A number of other research analysts also recently commented on GRMN. Morgan Stanley downgraded Garmin from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $155.00 to $138.00 in a report on Monday, October 7th. StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Finally, Barclays boosted their target price on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $171.00.

Garmin Trading Down 0.3 %

Shares of NYSE:GRMN opened at $214.79 on Monday. The firm has a market cap of $41.25 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. The company has a fifty day simple moving average of $196.62 and a 200 day simple moving average of $179.47. Garmin has a 12-month low of $119.15 and a 12-month high of $222.97.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.53. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.44 billion. Garmin had a net margin of 25.48% and a return on equity of 17.99%. During the same quarter in the previous year, the firm earned $1.41 EPS. The company’s revenue was up 24.1% on a year-over-year basis. As a group, equities research analysts forecast that Garmin will post 7.01 EPS for the current fiscal year.

Insider Activity at Garmin

In other Garmin news, Director Sean Biddlecombe sold 587 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $210.10, for a total value of $123,328.70. Following the sale, the director now owns 6,147 shares in the company, valued at approximately $1,291,484.70. This trade represents a 8.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 19.54% of the company’s stock.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC grew its position in Garmin by 15.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,726 shares of the scientific and technical instruments company’s stock valued at $1,910,000 after buying an additional 1,564 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Garmin by 18.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,018 shares of the scientific and technical instruments company’s stock valued at $329,000 after acquiring an additional 321 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Garmin by 277.6% during the second quarter. Blue Trust Inc. now owns 623 shares of the scientific and technical instruments company’s stock valued at $93,000 after acquiring an additional 458 shares during the period. Pallas Capital Advisors LLC bought a new stake in Garmin during the second quarter worth approximately $288,000. Finally, Fifth Third Bancorp lifted its position in Garmin by 4.7% in the second quarter. Fifth Third Bancorp now owns 6,014 shares of the scientific and technical instruments company’s stock worth $980,000 after purchasing an additional 268 shares during the period. 81.60% of the stock is currently 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.