Garmin (NASDAQ:GRMN) Raised to “Buy” at ValuEngine

ValuEngine upgraded shares of Garmin (NASDAQ:GRMN) from a hold rating to a buy rating in a report released on Friday, November 10th.

Other equities analysts have also issued research reports about the stock. Longbow Research raised shares of Garmin from a neutral rating to a buy rating and set a $60.00 target price on the stock in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub lowered shares of Garmin from a hold rating to a sell rating in a report on Friday, July 28th. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a hold rating in a report on Monday, July 31st. Oppenheimer reaffirmed a market perform rating on shares of Garmin in a report on Tuesday, August 8th. Finally, Zacks Investment Research lowered shares of Garmin from a buy rating to a hold rating in a report on Tuesday, October 17th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $56.33.

Garmin (NASDAQ:GRMN) traded down $0.52 during trading on Friday, hitting $62.40. 959,500 shares of the stock traded hands, compared to its average volume of 1,110,404. The stock has a market cap of $12,460.00, a PE ratio of 21.45, a P/E/G ratio of 2.55 and a beta of 0.80. Garmin has a 12-month low of $47.03 and a 12-month high of $63.15.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The firm had revenue of $743.00 million for the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a net margin of 19.84% and a return on equity of 16.60%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $0.75 EPS. equities research analysts forecast that Garmin will post 2.9 earnings per share for the current fiscal year.

In other Garmin news, VP Andrew R. Etkind sold 1,724 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $52.50, for a total value of $90,510.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Philip Straub sold 2,453 shares of the firm’s stock in a transaction on 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. In the last three months, insiders sold 1,322,101 shares of company stock worth $75,219,801. Insiders own 18.30% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Thrivent Financial For Lutherans lifted its position in shares of Garmin by 2.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after purchasing an additional 100 shares during the period. Arizona State Retirement System lifted its position in shares of Garmin by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 38,429 shares of the scientific and technical instruments company’s stock worth $1,961,000 after purchasing an additional 100 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Garmin by 1.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,580 shares of the scientific and technical instruments company’s stock worth $488,000 after purchasing an additional 120 shares during the period. Wedbush Securities Inc. lifted its position in shares of Garmin by 3.3% in the 2nd quarter. Wedbush Securities Inc. now owns 4,867 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 156 shares during the period. Finally, US Bancorp DE lifted its position in shares of 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 worth $113,000 after purchasing an additional 180 shares during the period. 39.37% of the stock is currently owned by institutional investors and hedge funds.

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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.

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

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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