Garmin (GRMN) Raised to “Buy” at BidaskClub

Garmin (NASDAQ:GRMN) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.

A number of other brokerages also recently commented on GRMN. Credit Suisse Group reissued an “underperform” rating and issued a $58.00 price objective (up from $48.00) on shares of Garmin in a research report on Tuesday, December 12th. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Thursday, January 4th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research report on Friday, December 15th. Finally, Morgan Stanley increased their price objective on shares of Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $56.71.

Shares of Garmin (GRMN) traded up $0.09 during trading hours on Thursday, hitting $61.22. 1,147,572 shares of the company’s stock were exchanged, compared to its average volume of 1,170,000. Garmin has a 52 week low of $48.50 and a 52 week high of $64.96. The stock has a market cap of $11,480.00, a P/E ratio of 16.68, a PEG ratio of 2.48 and a beta of 0.94.

In other news, insider Clifton A. Pemble sold 2,413 shares of Garmin stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $60.30, for a total transaction of $145,503.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Biddlecombe sold 755 shares of Garmin stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 639,621 shares of company stock valued at $39,206,893. Insiders own 18.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. WFG Advisors LP grew its holdings in shares of Garmin by 11.5% during the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after buying an additional 225 shares in the last quarter. Heartland Advisors Inc. purchased a new stake in Garmin in the fourth quarter valued at approximately $208,000. Garrison Financial Corp purchased a new stake in Garmin in the fourth quarter valued at approximately $211,000. Bank of Hawaii purchased a new stake in Garmin in the third quarter valued at approximately $206,000. Finally, Cambridge Advisors Inc. purchased a new stake in Garmin in the third quarter valued at approximately $208,000. Institutional investors and hedge funds own 41.81% 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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