Garmin Ltd. (NASDAQ:GRMN) has been assigned an average rating of “Hold” from the eighteen brokerages that are presently covering the firm. Four research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $41.67.
Several brokerages recently issued reports on GRMN. JPMorgan Chase & Co. upgraded shares of Garmin from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $38.00 to $47.00 in a report on Thursday, July 28th. Raymond James Financial Inc. lowered shares of Garmin from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $30.93 to $54.38 in a report on Monday, August 22nd. Bank of America Corp. lowered shares of Garmin from a “buy” rating to an “underperform” rating and set a $47.00 price objective on the stock. in a report on Thursday, August 4th. They noted that the move was a valuation call. Morgan Stanley cut their price target on shares of Garmin from $49.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Garmin in a research note on Monday, August 1st.
Shares of Garmin (NASDAQ:GRMN) opened at 48.50 on Tuesday. The firm has a market capitalization of $9.16 billion, a PE ratio of 18.43 and a beta of 0.82. The company has a 50-day moving average of $50.87 and a 200-day moving average of $44.64. Garmin has a 1-year low of $30.93 and a 1-year high of $56.19.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.20. The firm had revenue of $812 million for the quarter, compared to analyst estimates of $763.37 million. Garmin had a net margin of 17.29% and a return on equity of 14.97%. Garmin’s revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. Equities research analysts predict that Garmin will post $2.53 EPS for the current fiscal year.
In related news, VP Danny J. Bartel sold 786 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $54.53, for a total value of $42,860.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Andrew R. Etkind sold 1,046 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $54.90, for a total value of $57,425.40. The disclosure for this sale can be found here. 18.30% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. US Bancorp DE increased its position in shares of Garmin by 22.8% in the second quarter. US Bancorp DE now owns 2,818 shares of the company’s stock worth $120,000 after buying an additional 524 shares during the period. BlueMountain Capital Management LLC purchased a new stake in Garmin during the second quarter valued at $123,000. Hussman Strategic Advisors Inc. purchased a new stake in Garmin during the second quarter valued at $148,000. Euclid Advisors LLC increased its stake in Garmin by 3.0% in the first quarter. Euclid Advisors LLC now owns 4,070 shares of the company’s stock valued at $163,000 after buying an additional 120 shares during the last quarter. Finally, Botty Investors LLC increased its stake in Garmin by 290.1% in the first quarter. Botty Investors LLC now owns 4,135 shares of the company’s stock valued at $165,000 after buying an additional 3,075 shares during the last quarter. 35.75% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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