Garmin (NYSE:GRMN) Given New $220.00 Price Target at JPMorgan Chase & Co.

Garmin (NYSE:GRMN - Get Free Report) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $260.00 to $220.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the scientific and technical instruments company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 15.56% from the company's current price.

A number of other equities research analysts also recently weighed in on GRMN. Tigress Financial lifted their target price on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a report on Wednesday, February 26th. Barclays increased their target price on shares of Garmin from $158.00 to $188.00 and gave the stock an "underweight" rating in a research report on Thursday, February 20th. Finally, Morgan Stanley upgraded Garmin to a "sell" rating and boosted their price target for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Garmin presently has a consensus rating of "Hold" and an average price target of $202.80.

Garmin Price Performance

Garmin stock traded up $3.55 during mid-day trading on Thursday, hitting $190.38. 185,251 shares of the company's stock traded hands, compared to its average volume of 872,287. Garmin has a fifty-two week low of $139.65 and a fifty-two week high of $246.50. The stock has a market cap of $36.63 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 simple moving average of $208.55 and a two-hundred day simple moving average of $205.12.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.51. The business had revenue of $1.82 billion for 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%. Garmin's quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.72 EPS. On average, research analysts anticipate that Garmin will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Garmin

In related news, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now owns 63,048 shares of the company's stock, valued at $14,321,353.20. This represents a 9.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clifton A. Pemble sold 7,202 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the transaction, the chief executive officer now owns 149,525 shares of the company's stock, valued at $33,963,108.50. This trade represents a 4.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Garmin

Several hedge funds have recently added to or reduced their stakes in the business. Passumpsic Savings Bank bought a new stake in shares of Garmin in the third quarter worth $3,137,000. Diversified Trust Co bought a new position in shares of Garmin during the fourth quarter worth about $734,000. Montrusco Bolton Investments Inc. lifted its stake in shares of Garmin by 42.5% in the fourth quarter. Montrusco Bolton Investments Inc. now owns 431,188 shares of the scientific and technical instruments company's stock worth $88,937,000 after acquiring an additional 128,672 shares during the period. Baskin Financial Services Inc. increased its position in Garmin by 3.2% during the 4th quarter. Baskin Financial Services Inc. now owns 148,957 shares of the scientific and technical instruments company's stock valued at $30,724,000 after purchasing an additional 4,616 shares during the period. Finally, Savant Capital LLC raised its holdings in Garmin by 47.2% during the 4th quarter. Savant Capital LLC now owns 9,075 shares of the scientific and technical instruments company's stock worth $1,872,000 after purchasing an additional 2,910 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

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.