Garmin (NASDAQ:GRMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Garmin is currently riding on product line expansion The company's third-quarter 2017 results were driven by solid performance in marine, outdoor and aviation segments. Garmin'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. In the past 12 months, the stock has outperformed the industry it belongs to.”
A number of other brokerages have also issued reports on GRMN. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Sunday. BidaskClub lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Friday, December 15th. Credit Suisse Group reissued 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, December 12th. Finally, KeyCorp reissued a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $56.57.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. The company had revenue of $743.00 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. research analysts expect that Garmin will post 2.9 earnings per share for the current year.
In other news, insider Sean Biddlecombe sold 755 shares of the firm’s stock in a transaction on 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 filing with the SEC, which is accessible through this link. Also, major shareholder Jonathan Burrell sold 254,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total transaction of $15,862,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,063,870 shares of company stock worth $64,367,378 in the last 90 days. 18.30% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. WFG Advisors LP raised its holdings 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 acquiring an additional 225 shares during the period. Bank of Hawaii bought a new position in Garmin in the 3rd quarter worth $206,000. Cambridge Advisors Inc. bought a new position in Garmin in the 3rd quarter worth $208,000. Profund Advisors LLC bought a new position in Garmin in the 2nd quarter worth $202,000. Finally, Thrivent Financial For Lutherans raised its holdings 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 acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 41.54% of the company’s stock.
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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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