Garmin (NYSE:GRMN) Hits New 1-Year High at $149.54

Shares of Garmin Ltd. (NYSE:GRMN) reached a new 52-week high on Thursday . The company traded as high as $149.54 and last traded at $149.06, with a volume of 140022 shares. The stock had previously closed at $147.98.

Wall Street Analyst Weigh In

Several equities analysts have commented on GRMN shares. Barrington Research upped their price target on Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. JPMorgan Chase & Co. cut Garmin from an “overweight” rating to a “neutral” rating and set a $135.00 target price for the company. in a research report on Monday, January 8th. StockNews.com lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Finally, Tigress Financial restated a “strong-buy” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. Seven research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $131.50.

Garmin Stock Up 0.6 %

The business has a 50-day simple moving average of $133.09 and a two-hundred day simple moving average of $121.70. The stock has a market capitalization of $28.55 billion, a P/E ratio of 22.05, a PEG ratio of 4.85 and a beta of 0.97.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm earned $1.35 EPS. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts forecast that Garmin Ltd. will post 5.43 earnings per share for the current year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.02%. Garmin’s dividend payout ratio is 43.52%.

Insider Activity at Garmin

In related news, Director Jonathan Burrell sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $146.15, for a total value of $2,192,250.00. Following the completion of the transaction, the director now owns 623,834 shares in the company, valued at approximately $91,173,339.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Garmin news, Director Jonathan Burrell sold 15,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $146.15, for a total transaction of $2,192,250.00. Following the completion of the sale, the director now owns 623,834 shares in the company, valued at approximately $91,173,339.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at approximately $969,781.32. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock valued at $14,166,944 over the last ninety days. 19.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GRMN. Norges Bank acquired a new position in shares of Garmin in the 4th quarter valued at approximately $144,641,000. Select Equity Group L.P. lifted its stake in Garmin by 108.1% in the first quarter. Select Equity Group L.P. now owns 1,868,540 shares of the scientific and technical instruments company’s stock valued at $188,573,000 after buying an additional 970,527 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Garmin by 195.2% in the first quarter. Renaissance Technologies LLC now owns 987,042 shares of the scientific and technical instruments company’s stock valued at $117,073,000 after buying an additional 652,700 shares during the period. BlackRock Inc. increased its position in shares of Garmin by 3.5% during the second quarter. BlackRock Inc. now owns 15,562,275 shares of the scientific and technical instruments company’s stock worth $1,622,990,000 after acquiring an additional 527,327 shares in the last quarter. Finally, Epoch Investment Partners Inc. acquired a new stake in shares of Garmin during the fourth quarter worth $54,460,000. Institutional investors and hedge funds own 73.41% of the company’s stock.

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.