Garmin (NASDAQ:GRMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, January 4th. The firm presently has a $68.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.71% from the stock’s previous close.
According to Zacks, “Garmin is currently riding on product line expansion. The company'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 underperformed the industry it belongs to.”
Several other research firms have also recently commented on GRMN. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Friday, December 15th. Credit Suisse Group reiterated 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. Finally, KeyCorp reiterated a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.71.
Shares of Garmin (NASDAQ GRMN) traded up $0.95 on Thursday, hitting $61.42. 915,800 shares of the company’s stock traded hands, compared to its average volume of 924,088. Garmin has a one year low of $47.03 and a one year high of $63.15. The firm has a market capitalization of $11,620.00, a PE ratio of 16.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The company 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 business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period 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 Garmin news, EVP Philip Straub sold 2,453 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total transaction of $151,865.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clifton A. Pemble sold 38,302 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $60.00, for a total value of $2,298,120.00. The disclosure for this sale can be found here. Insiders sold a total of 1,057,923 shares of company stock valued at $64,040,293 over the last quarter. 18.30% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in GRMN. BlackRock Inc. lifted its holdings in Garmin by 3.7% in the 2nd quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock worth $576,315,000 after buying an additional 404,430 shares during the period. Vanguard Group Inc. lifted its stake in Garmin by 0.6% in the 2nd 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 in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Garmin by 0.5% in the 2nd 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 in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in Garmin by 8.2% in the 3rd 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Garmin by 5.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,282,094 shares of the scientific and technical instruments company’s stock valued at $69,195,000 after buying an additional 62,596 shares in the last quarter. 41.54% of the stock is owned by hedge funds and other institutional investors.
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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.
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