Garmin Ltd. (NASDAQ:GRMN)‘s stock had its “buy” rating restated by Tigress Financial in a research report issued to clients and investors on Monday, July 10th.
A number of other equities research analysts have also weighed in on GRMN. J P Morgan Chase & Co lowered shares of Garmin from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $55.00 to $50.00 in a report on Thursday, May 4th. Goldman Sachs Group, Inc. (The) increased their price objective on shares of Garmin from $52.00 to $54.00 and gave the company a “neutral” rating in a research note on Thursday, May 4th. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, May 4th. Finally, Bank of America Corporation increased their price objective on shares of Garmin from $47.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, May 4th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. Garmin presently has a consensus rating of “Hold” and a consensus target price of $51.21.
Shares of Garmin (NASDAQ GRMN) traded down 0.65% during midday trading on Monday, hitting $51.76. The stock had a trading volume of 1,030,657 shares. Garmin has a 52-week low of $46.05 and a 52-week high of $55.74. The firm has a 50 day moving average price of $51.19 and a 200-day moving average price of $51.00. The stock has a market cap of $9.72 billion, a PE ratio of 14.54 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the business earned $0.87 EPS. Equities analysts predict that Garmin will post $2.80 EPS for the current fiscal year.
In other news, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.83, for a total value of $87,955.51. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Jonathan Burrell sold 100,000 shares of Garmin stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $52.46, for a total transaction of $5,246,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 401,697 shares of company stock worth $20,978,956. 18.30% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. US Bancorp DE boosted its position in shares of Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after buying an additional 180 shares in the last quarter. James Investment Research Inc. purchased a new position in Garmin during the first quarter valued at $144,000. Ameritas Investment Partners Inc. purchased a new position in Garmin during the first quarter valued at $156,000. Mn Services Vermogensbeheer B.V. increased its position in Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock valued at $151,000 after buying an additional 323 shares during the period. Finally, Botty Investors LLC purchased a new position in Garmin during the first quarter valued at $172,000. 41.39% of the stock is currently owned by institutional investors.
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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