BidaskClub downgraded shares of Garmin (NASDAQ:GRMN) from a buy rating to a hold rating in a report published on Wednesday.
A number of other equities research analysts also recently issued reports on GRMN. ValuEngine raised shares of Garmin from a hold rating to a buy rating in a research note on Tuesday, July 10th. Longbow Research set a $75.00 price target on shares of Garmin and gave the company a buy rating in a research note on Thursday, September 20th. Finally, Morgan Stanley set a $77.00 price target on shares of Garmin and gave the company an equal weight rating in a research note on Friday, September 21st. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $67.40.
Garmin stock traded down $0.38 during mid-day trading on Wednesday, reaching $62.59. 1,553,411 shares of the company’s stock traded hands, compared to its average volume of 1,057,289. The company has a market cap of $13.88 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 2.89 and a beta of 0.98. Garmin has a 12-month low of $54.57 and a 12-month high of $70.77.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.12. The company had revenue of $894.50 million for the quarter, compared to the consensus estimate of $844.76 million. Garmin had a net margin of 18.72% and a return on equity of 15.98%. Garmin’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Garmin will post 3.3 EPS for the current year.
In other news, Director Sean Biddlecombe sold 1,308 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $64.89, for a total value of $84,876.12. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Min H. Kao sold 235,881 shares of the stock in a transaction on Monday, July 16th. The shares were sold at an average price of $63.01, for a total transaction of $14,862,861.81. Following the completion of the sale, the insider now directly owns 4,966,882 shares in the company, valued at approximately $312,963,234.82. The disclosure for this sale can be found here. In the last three months, insiders sold 4,002,985 shares of company stock worth $258,424,487. Insiders own 17.85% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in GRMN. Marshall Wace LLP purchased a new stake in shares of Garmin in the second quarter valued at $27,367,000. Schroder Investment Management Group grew its holdings in shares of Garmin by 35.8% in the second quarter. Schroder Investment Management Group now owns 1,700,423 shares of the scientific and technical instruments company’s stock worth $103,658,000 after purchasing an additional 448,275 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Garmin by 119.3% in the second quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after purchasing an additional 272,012 shares during the last quarter. WBI Investments Inc. bought a new position in shares of Garmin in the second quarter worth about $12,553,000. Finally, Avalon Advisors LLC bought a new position in shares of Garmin in the first quarter worth about $11,720,000. 39.83% of the stock is currently 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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