Garmin Ltd. (GRMN) Reaches New 1-Year High at $55.83
Garmin Ltd. (NASDAQ:GRMN) shares hit a new 52-week high on Monday . The company traded as high as $55.83 and last traded at $55.63, with a volume of 1,700,047 shares trading hands. The stock had previously closed at $54.33.
A number of brokerages have recently weighed in on GRMN. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Garmin in a report on Monday. Morgan Stanley lowered their price target on Garmin from $49.00 to $42.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Zacks Investment Research upgraded Garmin from a “hold” rating to a “strong-buy” rating and set a $60.00 price target on the stock in a report on Thursday, July 28th. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $38.00 to $47.00 in a research report on Thursday, July 28th. Finally, Raymond James Financial Inc. reissued a “buy” rating on shares of Garmin in a research report on Friday, June 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Garmin has an average rating of “Hold” and a consensus price target of $42.84.
The firm has a market capitalization of $10.36 billion and a price-to-earnings ratio of 20.85. The firm has a 50-day moving average of $44.86 and a 200-day moving average of $40.95.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.20. The firm earned $812 million during the quarter, compared to the consensus estimate of $763.37 million. Garmin’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. Equities analysts forecast that Garmin Ltd. will post $2.51 earnings per share for the current fiscal year.
In related news, insider Pao-Chang Huang sold 7,200 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $40.68, for a total value of $292,896.00. Following the completion of the sale, the insider now owns 27,642 shares in the company, valued at approximately $1,124,476.56. The transaction was disclosed in a filing with the SEC, which is available through this link.
Several hedge funds have recently added to or reduced their stakes in GRMN. Russell Frank Co boosted its stake in Garmin by 4.3% in the fourth quarter. Russell Frank Co now owns 27,917 shares of the company’s stock worth $1,042,000 after buying an additional 1,155 shares in the last quarter. Deere & Co. boosted 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. Marshall Wace LLP purchased a new position in Garmin during the fourth quarter worth about $1,089,000. Andra AP fonden boosted its position in Garmin by 5.2% in the fourth quarter. Andra AP fonden now owns 50,500 shares of the company’s stock worth $1,877,000 after buying an additional 2,500 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in Garmin by 4.2% in the fourth quarter. Advisors Asset Management Inc. now owns 69,750 shares of the company’s stock worth $2,593,000 after buying an additional 2,821 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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