BidaskClub upgraded shares of Garmin (NASDAQ:GRMN) from a sell rating to a hold rating in a research note published on Saturday, October 27th.
A number of other analysts have also recently issued reports on the stock. Longbow Research set a $75.00 target price on shares of Garmin and gave the stock a buy rating in a research note on Thursday, September 20th. Morgan Stanley set a $77.00 price target on Garmin and gave the stock an equal weight rating in a report on Friday, September 21st. Finally, ValuEngine raised Garmin from a hold rating to a buy rating in a report on Tuesday, July 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $67.83.
Shares of Garmin stock traded up $0.74 during trading on Friday, reaching $65.12. The stock had a trading volume of 1,181,788 shares, compared to its average volume of 1,234,312. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 2.53 and a beta of 0.98. Garmin has a 52 week low of $57.01 and a 52 week high of $70.77.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.24. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The company had revenue of $810.01 million for the quarter, compared to analysts’ expectations of $784.06 million. During the same quarter in the prior year, the business posted $0.75 EPS. The business’s revenue was up 7.8% compared to the same quarter last year. On average, analysts expect that Garmin will post 3.47 earnings per share for the current fiscal year.
In other news, insider Min H. Kao sold 200,000 shares of the stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $62.41, for a total value of $12,482,000.00. Following the completion of the sale, the insider now owns 1,799,429 shares of the company’s stock, valued at $112,302,363.89. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Min H. Kao sold 75,000 shares of the stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $62.27, for a total transaction of $4,670,250.00. Following the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at approximately $112,050,443.83. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,545,813 shares of company stock valued at $164,671,192. Insiders own 17.85% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. A.R.T. Advisors LLC acquired a new stake in Garmin during the 1st quarter worth about $387,000. The Manufacturers Life Insurance Company grew its stake in Garmin by 3.5% during the first quarter. The Manufacturers Life Insurance Company now owns 115,140 shares of the scientific and technical instruments company’s stock worth $6,785,000 after purchasing an additional 3,849 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in Garmin by 11.4% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,373 shares of the scientific and technical instruments company’s stock worth $668,000 after purchasing an additional 1,162 shares during the period. LPL Financial LLC grew its position in shares of Garmin by 9.4% during the 1st quarter. LPL Financial LLC now owns 14,459 shares of the scientific and technical instruments company’s stock worth $852,000 after buying an additional 1,245 shares during the period. Finally, Royal Bank of Canada grew its position in shares of Garmin by 31.4% during the 1st quarter. Royal Bank of Canada now owns 159,303 shares of the scientific and technical instruments company’s stock worth $9,386,000 after buying an additional 38,111 shares during the period. 40.59% of the stock is owned by institutional investors and hedge funds.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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