Traders Buy Shares of Garmin Ltd. (GRMN) on Weakness
Investors purchased shares of Garmin Ltd. (NASDAQ:GRMN) on weakness during trading on Monday. $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 equities tracked, Garmin had the 18th highest net in-flow for the day. Garmin traded down ($0.11) for the day and closed at $48.75
A number of equities analysts have weighed in on GRMN shares. Raymond James Financial Inc. reaffirmed a “buy” rating on shares of Garmin in a research note on Friday, June 10th. Morgan Stanley cut their price target on shares of Garmin from $49.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 28th. Zacks Investment Research raised shares of Garmin from a “sell” rating to a “hold” rating in a research note on Tuesday, July 5th. Vetr raised shares of Garmin from a “sell” rating to a “hold” rating and set a $49.46 price objective for the company in a research report on Wednesday, August 24th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Garmin in a research report on Monday, August 1st. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $40.89.
The company has a market cap of $9.21 billion and a PE ratio of 18.53. The company’s 50-day moving average price is $51.52 and its 200-day moving average price is $43.85.
Garmin (NASDAQ:GRMN) last posted 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 company had revenue of $812 million for the quarter, compared to analyst estimates of $763.37 million. During the same quarter in the prior year, the business posted $0.72 earnings per share. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts predict that Garmin Ltd. will post $2.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Tuesday, September 13th.
In other Garmin news, VP Philip Straub sold 1,084 shares of Garmin stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $55.36, for a total value of $60,010.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Andrew R. Etkind sold 1,046 shares of Garmin stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $54.90, for a total transaction 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 raised its position in shares of Garmin Ltd. (NASDAQ:GRMN) by 275.7% during the fourth quarter, according to its most recent disclosure 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 about 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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