Credit Suisse Group Reaffirms Underperform Rating for Garmin (GRMN)
Garmin (NASDAQ:GRMN)‘s stock had its “underperform” rating reissued by investment analysts at Credit Suisse Group in a report released on Tuesday, The Fly reports. They presently have a $58.00 price objective on the scientific and technical instruments company’s stock, up from their prior price objective of $48.00. Credit Suisse Group’s target price would indicate a potential downside of 6.39% from the company’s current price.
A number of other equities analysts have also issued reports on GRMN. BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Thursday, November 2nd. KeyCorp reissued a “hold” rating on shares of Garmin in a report on Wednesday, November 1st. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Finally, Morgan Stanley raised their price target on Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $56.57.
Shares of Garmin (NASDAQ GRMN) opened at $61.96 on Tuesday. Garmin has a 52-week low of $47.03 and a 52-week high of $63.15. The company has a market capitalization of $11,675.63, a PE ratio of 21.62, a PEG ratio of 2.57 and a beta of 0.84.
In other Garmin news, VP Andrew R. Etkind sold 2,073 shares of Garmin stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $53.00, for a total value of $109,869.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $55.00, for a total value of $103,455.00. The disclosure for this sale can be found here. Insiders sold a total of 1,318,188 shares of company stock worth $77,620,233 in the last ninety days. 18.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in GRMN. Janus Capital Management lifted its position in shares of Garmin by 9.1% during the 3rd quarter. Janus Capital Management now owns 1,249,648 shares of the scientific and technical instruments company’s stock valued at $44,837,000 after acquiring an additional 103,783 shares during the period. Capital Impact Advisors acquired a new stake in shares of Garmin during the 4th quarter valued at approximately $413,000. Capstone Asset Management Company lifted its position in shares of Garmin by 12.0% during the 4th quarter. Capstone Asset Management Company now owns 10,354 shares of the scientific and technical instruments company’s stock valued at $385,000 after acquiring an additional 1,106 shares during the period. Dynamic Advisors Solutions acquired a new stake in shares of Garmin during the 4th quarter valued at approximately $2,772,000. Finally, Hamlin Capital Management LLC acquired a new stake in shares of Garmin during the 4th quarter valued at approximately $11,342,000. 39.37% of the stock is currently owned by 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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