Zacks Investment Research upgraded shares of Garmin (NASDAQ:GRMN) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $67.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Garmin reported impressive fourth-quarter 2017 results. Both revenues and earnings increased on a year-over-year basis. The company is currently riding on product line expansion. Management provided optimistic guidance for 2018. 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, share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market remains a headwind. Garmin has underperformed the industry it belongs to in the past year.”
A number of other brokerages also recently commented on GRMN. ValuEngine upgraded Garmin from a hold rating to a buy rating in a research note on Sunday, December 31st. BidaskClub downgraded Garmin from a buy rating to a hold rating in a research note on Friday, December 15th. Tigress Financial restated a buy rating on shares of Garmin in a research note on Friday, December 15th. Credit Suisse Group restated an underperform rating and issued a $58.00 target price (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Finally, Robert W. Baird restated a neutral rating and issued a $60.00 target price (up from $57.00) on shares of Garmin in a research note on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Garmin presently has an average rating of Hold and a consensus price target of $57.00.
Garmin (NASDAQ GRMN) opened at $59.99 on Tuesday. Garmin has a 52 week low of $48.50 and a 52 week high of $65.96. The company has a market capitalization of $11,852.95, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.35 and a beta of 0.97.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.04. Garmin had a return on equity of 15.16% and a net margin of 22.51%. The company had revenue of $888.49 million during the quarter, compared to the consensus estimate of $872.73 million. During the same period in the previous year, the firm posted $0.73 earnings per share. Garmin’s quarterly revenue was up 3.2% compared to the same quarter last year. research analysts forecast that Garmin will post 3.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Monday, June 18th will be given a dividend of $0.53 per share. This is an increase from Garmin’s previous quarterly dividend of $0.51. This represents a $2.12 annualized dividend and a dividend yield of 3.53%. Garmin’s payout ratio is currently 55.43%.
In related news, VP Andrew R. Etkind sold 1,929 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $60.61, for a total transaction of $116,916.69. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Min H. Kao sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $60.05, for a total value of $9,007,500.00. Following the sale, the chairman now directly owns 8,760,554 shares in the company, valued at approximately $526,071,267.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 465,453 shares of company stock valued at $28,134,625. Insiders own 18.30% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Heartland Advisors Inc. bought a new stake in Garmin during the fourth quarter worth approximately $208,000. Garrison Financial Corp bought a new stake in Garmin during the fourth quarter worth approximately $211,000. LMR Partners LLP bought a new stake in Garmin during the fourth quarter worth approximately $283,000. Financial Advocates Investment Management bought a new stake in Garmin during the fourth quarter worth approximately $320,000. Finally, Tiedemann Wealth Management LLC raised its holdings in Garmin by 16.3% during the third quarter. Tiedemann Wealth Management LLC now owns 16,068 shares of the scientific and technical instruments company’s stock worth $324,000 after purchasing an additional 2,253 shares in the last quarter. 39.29% of the stock is currently 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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