Garmin Ltd. (NASDAQ:GRMN) had its price objective hoisted by Morgan Stanley from $52.00 to $57.00 in a report released on Thursday. The firm currently has an “equal weight” rating on the scientific and technical instruments company’s stock.

Several other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Monday, July 10th. BidaskClub raised shares of Garmin from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $56.33.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. The company had revenue of $743.00 million for the quarter, compared to analyst estimates of $722.00 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 EPS.

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In related news, major shareholder Jonathan Burrell sold 231,500 shares of Garmin stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $103,455.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 984,130 shares of company stock worth $50,943,988. 18.30% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Arizona State Retirement System boosted its position in Garmin by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 38,429 shares of the scientific and technical instruments company’s stock worth $1,961,000 after buying an additional 100 shares during the period. Thrivent Financial For Lutherans boosted its position in Garmin by 2.4% during the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue boosted its position in Garmin by 1.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,580 shares of the scientific and technical instruments company’s stock worth $488,000 after buying an additional 120 shares during the period. Wedbush Securities Inc. boosted its position in Garmin by 3.3% during the 2nd quarter. Wedbush Securities Inc. now owns 4,867 shares of the scientific and technical instruments company’s stock worth $248,000 after buying an additional 156 shares during the period. Finally, US Bancorp DE boosted its position in Garmin by 8.8% during the 2nd 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. Institutional investors and hedge funds own 39.86% of the company’s stock.

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.

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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