Garmin Ltd. (NASDAQ:GRMN) Receives Consensus Recommendation of “Hold” from Brokerages
Garmin Ltd. (NASDAQ:GRMN) has been given a consensus recommendation of “Hold” by the eighteen ratings firms that are currently covering the stock. Four analysts have rated the stock with a sell recommendation, ten have given a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $41.67.
Several equities analysts recently issued reports on GRMN shares. Raymond James Financial Inc. upgraded shares of Garmin from a “market perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research report on Thursday, August 25th. Morgan Stanley cut their price objective on shares of Garmin from $49.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, August 25th. Vetr upgraded shares of Garmin from a “sell” rating to a “hold” rating and set a $49.46 price objective on the stock in a report on Wednesday, August 24th. Zacks Investment Research cut shares of Garmin from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th. Finally, Citigroup Inc. cut shares of Garmin to a “market perform” rating in a report on Monday, August 22nd. They noted that the move was a valuation call.
In other Garmin news, VP Philip Straub sold 1,084 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $55.36, for a total value of $60,010.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Clifton A. Pemble sold 1,429 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $55.00, for a total transaction of $78,595.00. The disclosure for this sale can be found here. Corporate insiders own 18.30% of the company’s stock.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in Garmin by 22.8% in the second quarter. US Bancorp DE now owns 2,818 shares of the company’s stock valued at $120,000 after buying an additional 524 shares during the last quarter. BlueMountain Capital Management LLC acquired a new position in Garmin during the second quarter valued at $123,000. Hussman Strategic Advisors Inc. acquired a new position in Garmin during the second quarter valued at $148,000. Euclid Advisors LLC increased its position 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 position 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. Institutional investors and hedge funds own 35.74% of the company’s stock.
Garmin (NASDAQ:GRMN) traded down 0.54% during midday trading on Tuesday, hitting $47.49. 425,420 shares of the company were exchanged. The stock has a 50 day moving average of $51.65 and a 200-day moving average of $44.47. Garmin has a 1-year low of $30.93 and a 1-year high of $56.19. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of 18.05 and a beta of 0.82.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results 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. Garmin had a net margin of 17.29% and a return on equity of 14.97%. The company had revenue of $812 million for the quarter, compared to analysts’ expectations of $763.37 million. During the same quarter in the previous year, the company earned $0.72 earnings per share. Garmin’s quarterly revenue was up 4.9% on a year-over-year basis. Equities analysts expect that Garmin will post $2.53 earnings per share for the current year.
Garmin Company Profile
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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