Garmin (NYSE:GRMN) Stock Rating Upgraded by Longbow Research

Garmin (NYSE:GRMN) was upgraded by analysts at Longbow Research from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, MarketBeat reports. The firm presently has a $250.00 price target on the scientific and technical instruments company’s stock. Longbow Research’s price target would suggest a potential upside of 23.65% from the company’s current price.

A number of other research firms have also commented on GRMN. Morgan Stanley raised their price objective on Garmin from $193.00 to $195.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Tigress Financial raised their price target on Garmin from $285.00 to $305.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Finally, Barclays increased their price objective on shares of Garmin from $167.00 to $208.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $241.60.

Garmin Stock Performance

NYSE:GRMN opened at $202.18 on Wednesday. Garmin has a 52 week low of $169.26 and a 52 week high of $261.69. The firm’s 50-day simple moving average is $223.13 and its 200 day simple moving average is $221.98. The firm has a market cap of $38.89 billion, a price-to-earnings ratio of 24.90, a P/E/G ratio of 2.26 and a beta of 1.01.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the business posted $1.99 EPS. The business’s revenue was up 11.7% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. Sell-side analysts anticipate that Garmin will post 7.8 EPS for the current year.

Institutional Investors Weigh In On Garmin

A number of hedge funds have recently made changes to their positions in the stock. Quaker Wealth Management LLC lifted its stake in Garmin by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 132 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 264 shares during the last quarter. Groupe la Francaise acquired a new position in shares of Garmin during the first quarter worth $33,000. Richardson Financial Services Inc. lifted its stake in shares of Garmin by 62.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 133 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 51 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin during the 1st quarter valued at $38,000. Finally, Cornerstone Planning Group LLC boosted its holdings in shares of Garmin by 788.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 160 shares of the scientific and technical instruments company’s stock valued at $39,000 after acquiring an additional 142 shares in the last quarter. 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.