Zacks Investment Research Upgrades Garmin Ltd. (GRMN) to Buy
Garmin Ltd. (NASDAQ:GRMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $67.00 price objective on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target points to a potential upside of 18.35% from the stock’s current price.
According to Zacks, “Garmin is an OEM of GPS-based and other electronic devices. The company reported better-than-expected third-quarter 2017 results with revenues and earnings surpassing our estimates. marine, outdoor and aviation segments. Auto and Fitness segment revenues declined year over year. 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. Year to date, the stock has underperformed the industry it belongs to.”
Several other equities analysts also recently weighed in on GRMN. Tigress Financial restated a “buy” rating on shares of Garmin in a report on Monday, July 10th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded shares of Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $55.17.
Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm had revenue of $743.00 million during the quarter, compared to the consensus estimate of $722.00 million. During the same period last year, the firm posted $0.75 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis.
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In other news, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $103,455.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew R. Etkind sold 2,189 shares of Garmin stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total transaction of $113,828.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 984,130 shares of company stock valued at $50,943,988. Insiders own 18.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of GRMN. WFG Advisors LP grew its holdings in Garmin by 11.5% in the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after purchasing an additional 225 shares during the period. US Bancorp DE grew its holdings in 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 valued at $113,000 after purchasing an additional 180 shares during the period. Cutler Group LP purchased a new stake in Garmin in the second quarter valued at approximately $188,000. Benjamin F. Edwards & Company Inc. grew its holdings in Garmin by 72.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock valued at $191,000 after purchasing an additional 1,568 shares during the period. Finally, Profund Advisors LLC purchased a new stake in Garmin in the second quarter valued at approximately $202,000. Institutional investors and hedge funds own 39.86% of the company’s stock.
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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