Traders Buy Garmin Ltd. (GRMN) on Weakness
Investors bought shares of Garmin Ltd. (NASDAQ:GRMN) on weakness during trading 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
Several equities analysts have recently commented on GRMN shares. Vetr lowered shares of Garmin from a “hold” rating to a “sell” rating and set a $45.67 price target for the company. in a research report on Thursday, August 25th. Raymond James Financial Inc. upgraded shares of Garmin from a “market perform” rating to an “outperform” rating and set a $43.00 price target for the company in a research report on Thursday, August 25th. Morgan Stanley lowered their price target on shares of Garmin from $49.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 25th. Goldman Sachs Group Inc. lowered shares of Garmin from a “neutral” rating to a “sell” rating and set a $12.00 price target for the company. in a research report on Wednesday, August 24th. Finally, Citigroup Inc. lowered shares of Garmin to a “market perform” rating in a research report on Monday, August 22nd. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $40.89.
The firm has a 50-day moving average price of $51.52 and a 200-day moving average price of $43.85. The firm has a market cap of $9.21 billion and a price-to-earnings ratio of 18.53.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.67 by $0.20. The business had revenue of $812 million for the quarter, compared to the consensus estimate of $763.37 million. During the same quarter in the previous year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Garmin Ltd. will post $2.53 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.04 annualized dividend and a dividend yield of 4.18%.
In other Garmin news, insider Clifton A. Pemble sold 1,429 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $55.00, for a total value of $78,595.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Andrew R. Etkind sold 1,046 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was 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.
An institutional investor recently raised its position in Garmin stock. BlackRock Advisors LLC boosted its stake in Garmin Ltd. (NASDAQ:GRMN) by 275.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 442,341 shares of the company’s stock after buying an additional 324,608 shares during the period. BlackRock Advisors LLC owned approximately 0.23% of Garmin worth $16,442,000 at the end of the most recent reporting 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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