Garmin Ltd. (GRMN) Reaches New 12-Month High at $55.83
Garmin Ltd. (NASDAQ:GRMN) shares reached a new 52-week high during trading on Monday . The stock traded as high as $55.83 and last traded at $55.63, with a volume of 1,700,047 shares traded. The stock had previously closed at $54.33.
Several research analysts have recently commented on the company. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Garmin in a research report on Monday. Zacks Investment Research raised Garmin from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research report on Thursday. Morgan Stanley reduced their price target on Garmin from $49.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $38.00 to $47.00 in a research report on Thursday. Finally, Vetr raised Garmin from a “hold” rating to a “buy” rating and set a $45.70 price target for the company in a research report on Tuesday, April 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. Garmin currently has a consensus rating of “Hold” and an average price target of $42.84.
The firm’s 50-day moving average price is $44.13 and its 200 day moving average price is $40.51. The stock has a market cap of $10.56 billion and a price-to-earnings ratio of 21.2428.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.67 by $0.20. The firm had revenue of $812 million for the quarter, compared to analysts’ expectations of $763.37 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Garmin Ltd. will post $2.49 EPS for the current fiscal year.
In related news, insider Pao-Chang Huang sold 7,200 shares of Garmin stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $40.68, for a total value of $292,896.00. Following the completion of the transaction, the insider now directly owns 27,642 shares in the company, valued at $1,124,476.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
A number of hedge funds and institutional investors recently added to or reduced their stakes in GRMN. BlackRock Advisors LLC raised its position in Garmin by 275.7% in the fourth quarter. BlackRock Advisors LLC now owns 442,341 shares of the company’s stock worth $16,442,000 after buying an additional 324,608 shares during the period. Vanguard Group Inc. raised its position in Garmin by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 9,688,158 shares of the company’s stock worth $360,109,000 after buying an additional 277,124 shares during the period. Marshall Wace LLP bought a new position in Garmin during the fourth quarter worth about $1,089,000. Aberdeen Asset Management PLC UK raised its position in Garmin by 2.9% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 227,802 shares of the company’s stock worth $7,987,000 after buying an additional 6,527 shares during the period. Finally, Deere & Co. raised its position in Garmin by 20.2% in the fourth quarter. Deere & Co. now owns 28,046 shares of the company’s stock worth $1,042,000 after buying an additional 4,714 shares during the period.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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