Garmin Ltd. (GRMN) Given Market Perform Rating at Oppenheimer Holdings, Inc.
Garmin Ltd. (NASDAQ:GRMN)‘s stock had its “market perform” rating reiterated by analysts at Oppenheimer Holdings, Inc. in a research note issued on Tuesday.
Several other analysts have also recently issued reports on GRMN. BidaskClub cut Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday. Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on Garmin and gave the company a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Garmin presently has a consensus rating of “Hold” and an average target price of $51.21.
Shares of Garmin (GRMN) traded down 0.65% on Tuesday, reaching $51.76. The company’s stock had a trading volume of 1,030,657 shares. The firm has a 50-day moving average price of $51.19 and a 200 day moving average price of $51.00. The firm has a market capitalization of $9.72 billion, a PE ratio of 14.54 and a beta of 0.86. Garmin has a one year low of $46.05 and a one year high of $55.74.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. On average, analysts anticipate that Garmin will post $2.80 earnings per share for the current fiscal year.
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In other news, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total value of $10,422,000.00. The disclosure for this sale can be found here. Insiders sold a total of 401,697 shares of company stock valued at $20,978,956 in the last three months. Insiders own 18.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. US Bancorp DE raised 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 worth $113,000 after buying an additional 180 shares during the period. James Investment Research Inc. purchased a new position in shares of Garmin during the first quarter worth about $144,000. Mn Services Vermogensbeheer B.V. raised its position in shares of 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. Ameritas Investment Partners Inc. purchased a new position in shares of Garmin during the first quarter worth about $156,000. Finally, Botty Investors LLC purchased a new position in shares of Garmin during the first quarter worth about $172,000. 41.39% of the stock is owned by hedge funds and other 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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