Investors Buy Garmin Ltd. (GRMN) on Weakness
Investors bought shares of Garmin Ltd. (NASDAQ:GRMN) on weakness during trading hours on Friday. $21.79 million flowed into the stock on the tick-up and $10.25 million flowed out of the stock on the tick-down, for a money net flow of $11.54 million into the stock. Of all companies tracked, Garmin had the 48th highest net in-flow for the day. Garmin traded down ($0.11) for the day and closed at $48.75
GRMN has been the subject of several research reports. Raymond James Financial Inc. reiterated a “buy” rating on shares of Garmin in a research note on Friday, June 10th. Morgan Stanley decreased their price objective on shares of Garmin from $49.00 to $42.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of Garmin from a “sell” rating to a “hold” rating in a research note on Tuesday, July 5th. Vetr upgraded shares of Garmin from a “sell” rating to a “hold” rating and set a $49.46 price objective for the company in a research note on Wednesday, August 24th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Garmin in a research note on Monday, August 1st. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $40.89.
The firm has a market capitalization of $9.21 billion and a P/E ratio of 18.53. The firm’s 50-day moving average is $51.52 and its 200-day moving average is $43.85.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.20. The business had revenue of $812 million for the quarter, compared to analyst estimates of $763.37 million. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 EPS. Equities research analysts expect that Garmin Ltd. will post $2.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.04 dividend on an annualized basis and a yield of 4.18%.
In other Garmin news, VP Philip Straub sold 1,084 shares of Garmin stock in a transaction on Monday, August 15th. The stock was sold at an average price of $55.36, for a total transaction of $60,010.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Andrew R. Etkind sold 1,046 shares of Garmin stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $54.90, for a total value of $57,425.40. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Garmin stock. BlackRock Advisors LLC increased its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 275.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 442,341 shares of the company’s stock after buying an additional 324,608 shares during the period. BlackRock Advisors LLC owned 0.23% of Garmin worth $16,442,000 as of its most recent SEC filing.
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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