Garmin (NASDAQ:GRMN) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

GRMN has been the topic of a number of other reports. Morgan Stanley increased their target price on Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Zacks Investment Research upgraded Garmin from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Thursday, November 2nd. KeyCorp reiterated a “hold” rating on shares of Garmin in a report on Wednesday, November 1st. Finally, Oppenheimer reiterated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.33.

Garmin (NASDAQ:GRMN) traded down $0.85 during trading on Friday, hitting $61.23. The company’s stock had a trading volume of 1,120,000 shares, compared to its average volume of 1,120,000. The company has a market cap of $12,130.00, a PE ratio of 21.56, a price-to-earnings-growth ratio of 2.56 and a beta of 0.80. Garmin has a 52-week low of $47.03 and a 52-week high of $63.15.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. The firm had revenue of $743.00 million for the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 EPS. sell-side analysts anticipate that Garmin will post 2.9 earnings per share for the current year.

In related news, EVP Philip Straub sold 2,453 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total value of $151,865.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total value of $15,862,300.00. The disclosure for this sale can be found here. Insiders sold a total of 1,576,101 shares of company stock valued at $91,082,101 over the last three months. 18.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Belpointe Asset Management LLC purchased a new stake in Garmin in the 3rd quarter valued at $483,000. Piedmont Investment Advisors LLC raised its position in Garmin by 1.9% in the 3rd quarter. Piedmont Investment Advisors LLC now owns 60,449 shares of the scientific and technical instruments company’s stock valued at $3,262,000 after buying an additional 1,124 shares during the last quarter. California Public Employees Retirement System raised its position in Garmin by 3.8% in the 3rd quarter. California Public Employees Retirement System now owns 348,657 shares of the scientific and technical instruments company’s stock valued at $18,817,000 after buying an additional 12,757 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Garmin by 3.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 39,316 shares of the scientific and technical instruments company’s stock valued at $2,122,000 after buying an additional 1,246 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Garmin in the 3rd quarter valued at $615,000. 39.37% of the stock is owned by institutional investors and hedge funds.

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About Garmin

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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