Garmin Ltd. (GRMN) Rating Increased to Buy at Longbow Research
Garmin Ltd. (NASDAQ:GRMN) was upgraded by investment analysts at Longbow Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $60.00 price objective on the scientific and technical instruments company’s stock. Longbow Research’s price objective points to a potential upside of 16.89% from the stock’s current price. The analysts noted that the move was a valuation call.
Several other research analysts have also recently commented on GRMN. Tigress Financial started coverage on Garmin in a research report on Tuesday, May 2nd. They issued a “buy” rating for the company. J P Morgan Chase & Co cut Garmin from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $55.00 to $50.00 in a research report on Thursday, May 4th. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, May 4th. Bank of America Corporation raised their target price on Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, May 4th. Finally, Goldman Sachs Group, Inc. (The) raised their target price on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, May 4th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Garmin currently has a consensus rating of “Hold” and a consensus price target of $50.71.
Shares of Garmin (NASDAQ:GRMN) traded up 0.594% during mid-day trading on Wednesday, hitting $51.635. 502,782 shares of the company’s stock were exchanged. Garmin has a 52 week low of $45.63 and a 52 week high of $56.19. The firm has a 50 day moving average price of $51.40 and a 200-day moving average price of $50.81. The company has a market capitalization of $9.72 billion, a price-to-earnings ratio of 14.753 and a beta of 0.87.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. The business had revenue of $638.50 million for the quarter, compared to the consensus estimate of $629.11 million. Garmin had a net margin of 21.78% and a return on equity of 15.86%. Garmin’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $0.49 earnings per share. On average, equities analysts anticipate that Garmin will post $2.68 EPS for the current year.
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In other Garmin news, major shareholder Jonathan Burrell sold 200,000 shares of Garmin stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total transaction of $10,422,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 400,000 shares of company stock valued at $20,891,000. Company insiders own 18.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of GRMN. BlackRock Inc. boosted its position in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock worth $556,544,000 after buying an additional 10,647,400 shares during the last quarter. Renaissance Technologies LLC boosted its position in Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock worth $41,917,000 after buying an additional 621,665 shares in the last quarter. WINTON GROUP Ltd boosted its position in Garmin by 473.0% in the first quarter. WINTON GROUP Ltd now owns 485,123 shares of the scientific and technical instruments company’s stock worth $23,339,000 after buying an additional 400,452 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Garmin by 83.7% in the first quarter. UBS Asset Management Americas Inc. now owns 753,945 shares of the scientific and technical instruments company’s stock worth $38,534,000 after buying an additional 343,489 shares in the last quarter. Finally, Todd Asset Management LLC boosted its position in Garmin by 1,113.9% in the first quarter. Todd Asset Management LLC now owns 323,519 shares of the scientific and technical instruments company’s stock worth $16,535,000 after buying an additional 296,868 shares in the last quarter. 41.70% of the stock is owned by institutional investors.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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