Garmin (GRMN) Stock Rating Lowered by BidaskClub

Garmin (NASDAQ:GRMN) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Thursday, November 2nd. KeyCorp restated a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Credit Suisse Group restated an “underperform” rating and set a $58.00 target price (up previously from $48.00) on shares of Garmin in a research note on Tuesday. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Finally, Morgan Stanley raised their target price on shares of Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $56.57.

Shares of Garmin (GRMN) traded down $1.10 during mid-day trading on Friday, reaching $58.36. 4,151,555 shares of the company’s stock were exchanged, compared to its average volume of 953,100. The firm has a market capitalization of $11,148.75, a PE ratio of 20.65, a P/E/G ratio of 2.46 and a beta of 0.84. Garmin has a 12-month low of $47.03 and a 12-month high of $63.15.

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

In other news, insider Sean Biddlecombe sold 755 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $60.80, for a total transaction of $45,904.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Philip Straub sold 2,453 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total transaction of $151,865.23. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,065,943 shares of company stock valued at $64,477,247. 18.30% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Thrivent Financial For Lutherans raised its stake in Garmin by 2.4% in 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 purchasing an additional 100 shares in the last quarter. Arizona State Retirement System raised its stake in Garmin by 0.3% in 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 purchasing an additional 100 shares in the last quarter. Wedbush Securities Inc. raised its stake in Garmin by 3.3% in the 2nd quarter. Wedbush Securities Inc. now owns 4,867 shares of the scientific and technical instruments company’s stock worth $248,000 after purchasing an additional 156 shares in the last quarter. US Bancorp DE raised its stake in Garmin by 8.8% in the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after purchasing an additional 180 shares in the last quarter. Finally, WFG Advisors LP raised its stake in Garmin by 11.5% in the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after purchasing an additional 225 shares in the last quarter. Institutional investors and hedge funds own 39.37% of the company’s stock.

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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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