Garmin Ltd. (NASDAQ:GRMN) had its price objective increased by Bank of America Corp from $47.00 to $50.00 in a report issued on Thursday, May 4th. They currently have an underperform rating on the scientific and technical instruments company’s stock.
GRMN has been the subject of several other reports. Zacks Investment Research raised Garmin from a sell rating to a hold rating in a report on Friday, February 24th. Oppenheimer Holdings Inc. reissued a market perform rating on shares of Garmin in a report on Thursday, February 23rd. Tigress Financial assumed coverage on Garmin in a report on Tuesday, May 2nd. They issued a buy rating for the company. Goldman Sachs Group Inc raised Garmin from a sell rating to a neutral rating and lifted their price objective for the stock from $48.00 to $52.00 in a report on Monday, March 6th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. cut Garmin from a neutral rating to an underweight rating and reduced their price objective for the stock from $55.00 to $50.00 in a report on Thursday, May 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $49.38.
Shares of Garmin (NASDAQ:GRMN) traded up 1.39% during midday trading on Thursday, hitting $51.71. The stock had a trading volume of 300,083 shares. The firm has a 50 day moving average price of $50.81 and a 200 day moving average price of $50.47. The stock has a market cap of $9.73 billion, a PE ratio of 14.77 and a beta of 0.86. Garmin has a one year low of $39.29 and a one year high of $56.19.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.07. Garmin had a return on equity of 16.15% and a net margin of 17.24%. The company had revenue of $638.50 million for the quarter, compared to the consensus estimate of $629.11 million. During the same period last year, the business posted $0.49 EPS. The company’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts forecast that Garmin will post $2.69 earnings per share for the current fiscal year.
In other news, VP Andrew R. Etkind sold 6,524 shares of Garmin stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $54.57, for a total value of $356,014.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 18.30% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in GRMN. Commonwealth Equity Services Inc increased its stake in shares of Garmin by 17.2% in the third quarter. Commonwealth Equity Services Inc now owns 15,297 shares of the scientific and technical instruments company’s stock worth $736,000 after buying an additional 2,247 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Garmin by 3.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 17,543 shares of the scientific and technical instruments company’s stock worth $844,000 after buying an additional 620 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in shares of Garmin during the third quarter worth approximately $2,137,000. Brookstone Capital Management increased its stake in Garmin by 2.6% in the third quarter. Brookstone Capital Management now owns 87,220 shares of the scientific and technical instruments company’s stock worth $4,196,000 after buying an additional 2,246 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in Garmin by 5,414.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 680,441 shares of the scientific and technical instruments company’s stock worth $20,155,000 after buying an additional 668,102 shares during the period. 37.39% of the stock is owned by institutional investors and hedge funds.
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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