Garmin Given Consensus Rating of “Hold” by Analysts (NASDAQ:GRMN)
Shares of Garmin (NASDAQ:GRMN) have received a consensus recommendation of “Hold” from the seventeen brokerages that are covering the company, Stock Ratings Network reports. Three investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $57.31.
A number of research firms have recently commented on GRMN. Analysts at Robert W. Baird initiated coverage on shares of Garmin in a research note on Tuesday. They set a “neutral” rating and a $59.00 price target on the stock. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $65.00 price target on the stock. Finally, analysts at Davidson raised their price target on shares of Garmin from $60.00 to $62.00 in a research note on Thursday, July 31st. They now have a “neutral” rating on the stock.
Garmin (NASDAQ:GRMN) opened at 54.33 on Tuesday. Garmin has a 52 week low of $41.08 and a 52 week high of $62.05. The stock has a 50-day moving average of $56.20 and a 200-day moving average of $56.10. The company has a market cap of $10.465 billion and a P/E ratio of 16.25. Garmin also was the recipient of a large growth in short interest in August. As of August 15th, there was short interest totalling 19,262,913 shares, a growth of 5.9% from the July 31st total of 18,198,092 shares. Currently, 15.0% of the company’s stock are sold short. Based on an average daily trading volume, of 955,310 shares, the days-to-cover ratio is presently 20.2 days.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.02 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.76 by $0.26. The company had revenue of $778.00 million for the quarter, compared to the consensus estimate of $709.25 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts predict that Garmin will post $3.08 earnings per share for the current fiscal year.
In other Garmin news, Director Philip Straub sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $57.50, for a total value of $460,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Garmin Ltd. (NASDAQ:GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.
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