Garmin (NASDAQ:GRMN) Raised to Buy at Zacks Investment Research

Garmin (NASDAQ:GRMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, January 4th. The brokerage presently has a $68.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 6.47% from the company’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.”

Other analysts also recently issued reports about the company. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Friday, December 15th. BidaskClub downgraded Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Morgan Stanley upped their price objective on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, KeyCorp reiterated a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Garmin has a consensus rating of “Hold” and an average target price of $56.71.

Garmin (GRMN) traded up $0.63 on Thursday, reaching $63.87. The company’s stock had a trading volume of 1,216,084 shares, compared to its average volume of 728,780. The stock has a market capitalization of $11,857.50, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 2.56 and a beta of 0.85. Garmin has a one year low of $47.03 and a one year high of $63.91.

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

In other news, insider Clifton A. Pemble sold 38,302 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $60.00, for a total value of $2,298,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jonathan Burrell sold 253,000 shares of the stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $59.29, for a total value of $15,000,370.00. The disclosure for this sale can be found here. Insiders have sold 1,057,923 shares of company stock valued at $64,040,293 over the last 90 days. 18.30% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in Garmin by 8,318.2% in the second quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock valued at $64,171,000 after purchasing an additional 1,242,578 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Garmin by 153.9% in the second quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock valued at $53,193,000 after purchasing an additional 631,827 shares during the last quarter. BlackRock Inc. boosted its holdings in Garmin by 3.7% in 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 purchasing an additional 404,430 shares during the last quarter. W. E. Donoghue & Co. LLC purchased a new position in Garmin in the second quarter valued at about $15,800,000. Finally, PGGM Investments boosted its holdings in Garmin by 414.6% in the third quarter. PGGM Investments now owns 357,535 shares of the scientific and technical instruments company’s stock valued at $19,296,000 after purchasing an additional 288,061 shares during the last quarter. Institutional investors and hedge funds own 41.54% 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.

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