Garmin Ltd. (GRMN) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Garmin Ltd. (NASDAQ:GRMN) have been assigned a consensus rating of “Hold” from the eleven research firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $55.60.

GRMN has been the subject of a number of analyst reports. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Finally, Zacks Investment Research raised 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.

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Garmin (NASDAQ:GRMN) opened at $61.45 on Friday. Garmin has a 52 week low of $47.03 and a 52 week high of $61.75. The firm has a market cap of $12,171.83, a price-to-earnings ratio of 21.34, a P/E/G ratio of 2.54 and a beta of 0.81.

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

In other news, insider Clifton A. Pemble sold 4,066 shares of Garmin stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $223,630.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $103,455.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,551,148 shares of company stock valued at $86,920,736. Insiders own 18.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Garmin by 3.7% during the second quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock valued at $576,315,000 after buying an additional 404,430 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Garmin by 0.6% during the second quarter. Vanguard Group Inc. now owns 10,473,447 shares of the scientific and technical instruments company’s stock valued at $534,459,000 after buying an additional 59,138 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Garmin by 117.9% during the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock valued at $113,730,000 after buying an additional 1,205,778 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its holdings in shares of Garmin by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after buying an additional 8,210 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Garmin by 8.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,619,167 shares of the scientific and technical instruments company’s stock valued at $87,385,000 after buying an additional 123,324 shares during the last quarter. Hedge funds and other institutional investors own 38.01% of the company’s stock.

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.

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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