Garmin Ltd. (NASDAQ:GRMN) Raised to Buy at ValuEngine

ValuEngine upgraded shares of Garmin Ltd. (NASDAQ:GRMN) from a hold rating to a buy rating in a research note issued to investors on Friday, November 10th.

Several other analysts have also issued reports on the company. Morgan Stanley upped their price objective on Garmin from $52.00 to $57.00 and gave the company an equal weight rating in a research note on Thursday, November 2nd. Zacks Investment Research upgraded Garmin from a hold rating to a buy rating and set a $67.00 target price on the stock in a research note on Thursday, November 2nd. KeyCorp restated a hold rating on shares of Garmin in a research note on Wednesday, November 1st. BidaskClub upgraded Garmin from a strong sell rating to a sell rating in a research note on Tuesday, August 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a market perform rating on shares of Garmin in a report on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $56.33.

Shares of Garmin (GRMN) traded down $0.96 on Friday, hitting $61.53. The stock had a trading volume of 1,030,700 shares, compared to its average volume of 1,118,343. The firm has a market capitalization of $12,377.86, a price-to-earnings ratio of 21.70, a price-to-earnings-growth ratio of 2.58 and a beta of 0.81. Garmin has a 52 week low of $47.03 and a 52 week high of $62.61.

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

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In other Garmin news, VP Andrew R. Etkind sold 2,189 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Philip Straub sold 2,453 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total transaction of $151,865.23. The disclosure for this sale can be found here. Insiders sold a total of 1,322,101 shares of company stock valued at $75,219,801 over the last ninety days. 18.30% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of GRMN. WFG Advisors LP raised its position in shares of Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after purchasing an additional 225 shares during the period. US Bancorp DE increased its holdings in Garmin by 8.8% in the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after acquiring an additional 180 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Garmin by 72.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after buying an additional 1,568 shares during the last quarter. Bank of Hawaii purchased a new stake in Garmin in the 3rd quarter valued at about $206,000. Finally, Cambridge Advisors Inc. purchased a new stake in shares of Garmin in the 3rd quarter worth approximately $208,000. Institutional investors own 38.72% of the company’s stock.

About Garmin

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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