Garmin Ltd. (NASDAQ:GRMN) Lowered to Hold at Zacks Investment Research

Garmin Ltd. (NASDAQ:GRMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, October 17th.

According to Zacks, “Garmin is an OEM of GPS-based and other electronic devices. The company reported better-than-expected second-quarter 2017 results with revenues and earnings surpassing our estimates. The results were driven by solid performance in all the segments. However, Auto, Fitness and Marine segments recorded revenue decline year over year. The company's strategy involves a constantly evolving product line supported by a platform approach that increases engagement with its products and focuses on building a community of users. A solid portfolio of new products across segments, secular drivers in the aviation market, market share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market and additional revenue deferrals remain headwinds. Year to date, the stock has underperformed the industry it belongs to.”

Other research analysts have also recently issued research reports about the stock. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the stock a “hold” rating in a research report on Monday, July 31st. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Finally, BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Garmin presently has an average rating of “Hold” and a consensus target price of $56.33.

Garmin (NASDAQ:GRMN) traded down $0.25 on Tuesday, reaching $59.30. The company’s stock had a trading volume of 929,929 shares, compared to its average volume of 1,095,015. Garmin has a one year low of $46.80 and a one year high of $60.44. The stock has a market cap of $11,795.51, a P/E ratio of 20.68, a P/E/G ratio of 2.46 and a beta of 0.81.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The business had revenue of $743.00 million during the quarter, compared to the consensus estimate of $722.00 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. research analysts expect that Garmin will post 2.9 EPS for the current fiscal year.

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In related news, major shareholder Jonathan Burrell sold 253,000 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $52.13, for a total transaction of $13,188,890.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Andrew R. Etkind sold 2,189 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,735 shares of company stock valued at $53,154,152. Company insiders own 18.30% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Garmin by 3.7% during the second quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock valued at $576,315,000 after purchasing an additional 404,430 shares during the last quarter. Vanguard Group Inc. lifted its stake in Garmin by 0.6% during the second quarter. Vanguard Group Inc. now owns 10,473,447 shares of the scientific and technical instruments company’s stock valued at $534,459,000 after purchasing an additional 59,138 shares during the last quarter. State Street Corp lifted its stake in Garmin by 4.2% during the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock valued at $320,928,000 after purchasing an additional 254,455 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Garmin by 117.9% during the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock valued at $113,730,000 after acquiring an additional 1,205,778 shares during the period. Finally, Disciplined Growth Investors Inc. MN raised its holdings in shares of Garmin by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after acquiring an additional 8,210 shares during the period. 39.89% of the stock is owned by institutional investors and hedge funds.

Garmin Company Profile

Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.

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