Garmin Ltd. (GRMN) Raised to “Sell” at BidaskClub
Garmin Ltd. (NASDAQ:GRMN) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
GRMN has been the subject of a number of other research reports. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial assumed coverage on shares of Garmin in a research report on Tuesday, May 2nd. They issued a “buy” rating for the company. J P Morgan Chase & Co cut shares of Garmin from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $55.00 to $50.00 in a research report on Thursday, May 4th. Finally, Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, May 4th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.21.
Garmin (NASDAQ GRMN) traded up 1.41% during mid-day trading on Tuesday, reaching $51.70. The company had a trading volume of 917,405 shares. The company’s 50 day moving average is $51.31 and its 200 day moving average is $51.29. Garmin has a 52-week low of $46.05 and a 52-week high of $55.74. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of 14.53 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million during the quarter, compared to analysts’ expectations of $806.67 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. Garmin’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts predict that Garmin will post $2.80 earnings per share for the current year.
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In other news, major shareholder Jonathan Burrell sold 100,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $52.46, for a total value of $5,246,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The disclosure for this sale can be found here. Insiders sold a total of 633,697 shares of company stock valued at $32,894,476 in the last three months. 18.30% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in GRMN. BlackRock Inc. raised its position in shares of Garmin by 3.7% in the second quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock worth $576,315,000 after buying an additional 404,430 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Garmin by 0.6% in the second quarter. Vanguard Group Inc. now owns 10,473,447 shares of the scientific and technical instruments company’s stock worth $534,459,000 after buying an additional 59,138 shares during the last quarter. State Street Corp raised its position in shares of Garmin by 4.2% in the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock worth $320,928,000 after buying an additional 254,455 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Garmin by 117.9% in the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock worth $113,730,000 after buying an additional 1,205,778 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its position in shares of Garmin by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock worth $83,412,000 after buying an additional 8,210 shares during the last quarter. 42.88% 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. 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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