Garmin Ltd. (NASDAQ:GRMN) shares saw strong trading volume on Wednesday following a stronger than expected earnings report. 8,412,806 shares were traded during mid-day trading, an increase of 662% from the previous session’s volume of 1,103,941 shares.The stock last traded at $83.06 and had previously closed at $70.97.
The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.22. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The business had revenue of $932.11 million during the quarter, compared to analyst estimates of $893.14 million. During the same quarter in the prior year, the business posted $0.79 EPS. Garmin’s revenue for the quarter was up 3.9% compared to the same quarter last year.
A number of equities research analysts have issued reports on the company. Longbow Research lowered Garmin from a “buy” rating to a “neutral” rating and set a $81.95 price target for the company. in a research note on Thursday. They noted that the move was a valuation call. BidaskClub upgraded Garmin from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 13th. ValuEngine lowered Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday. Bank of America set a $70.00 price target on Garmin and gave the stock a “sell” rating in a research note on Thursday, November 15th. Finally, Morgan Stanley cut their price target on Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, January 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $69.79.
The company has a market capitalization of $14.06 billion, a PE ratio of 28.03, a PEG ratio of 2.76 and a beta of 0.94.
About Garmin (NASDAQ:GRMN)
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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