Garmin Ltd. (GRMN) Downgraded by Zacks Investment Research
Garmin Ltd. (NASDAQ:GRMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Garmin is an OEM of GPS-based and other electronic devices. The company reported better-than-expected first-quarter 2017 results with revenues and earnings surpassing our estimates. The results were driven by solid performance across marine, outdoor, fitness and aviation segments. The company's strategy involves a constantly evolving product line supported by a platform approach that increases engagement with its products and focuses on building a community of users. A solid portfolio of new products across segments, secular drivers in the aviation market, market share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market and additional revenue deferrals remain headwinds.In the last one year, the stock has underperformed the Zacks characterized Electronics Products-Misc industry.”
GRMN has been the topic of a number of other reports. JPMorgan Chase & Co. lowered shares of Garmin from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $55.00 to $50.00 in a research report on Thursday. Bank of America Corp boosted their price target on shares of Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday. Tigress Financial assumed coverage on shares of Garmin in a research report on Tuesday, May 2nd. They set a “buy” rating on the stock. Goldman Sachs Group Inc boosted their price target on shares of Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Garmin in a research report on Thursday, February 23rd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $49.38.
Garmin (NASDAQ:GRMN) traded down 1.000% on Monday, hitting $51.965. 556,078 shares of the company’s stock traded hands. The stock has a 50-day moving average of $50.67 and a 200-day moving average of $50.25. The stock has a market cap of $9.78 billion, a PE ratio of 14.847 and a beta of 0.86. Garmin has a one year low of $39.24 and a one year high of $56.19.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.07. Garmin had a net margin of 17.24% and a return on equity of 16.15%. The business had revenue of $638.50 million for the quarter, compared to analyst estimates of $629.11 million. During the same quarter last year, the business earned $0.49 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities analysts forecast that Garmin will post $2.67 earnings per share for the current fiscal year.
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In other news, VP Andrew R. Etkind sold 6,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $54.57, for a total value of $356,014.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 18.30% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in GRMN. Acrospire Investment Management LLC bought a new stake in Garmin during the third quarter worth about $115,000. Virtus Investment Advisers Inc. bought a new stake in Garmin during the third quarter worth about $143,000. James Investment Research Inc. bought a new stake in Garmin during the first quarter worth about $144,000. Mn Services Vermogensbeheer B.V. increased its stake 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 worth $151,000 after buying an additional 323 shares during the period. Finally, Tompkins Financial Corp bought a new stake in Garmin during the first quarter worth about $194,000. 37.39% of the stock is currently owned by institutional investors and hedge funds.
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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