Longbow Research Reaffirms Buy Rating for Garmin Ltd. (NASDAQ:GRMN)
Other research analysts have also issued research reports about the company. Tigress Financial reissued a buy rating on shares of Garmin in a report on Monday, July 10th. Zacks Investment Research lowered Garmin from a buy rating to a hold rating in a report on Monday, May 8th. Bank of America Corporation boosted their target price on Garmin from $47.00 to $50.00 and gave the company an underperform rating in a report on Thursday, May 4th. Goldman Sachs Group, Inc. (The) boosted their target price on Garmin from $52.00 to $54.00 and gave the company a neutral rating in a report on Thursday, May 4th. Finally, BidaskClub lowered Garmin from a hold rating to a sell rating in a report on Friday, July 28th. Four analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $51.21.
Garmin (NASDAQ:GRMN) traded up 0.12% during midday trading on Thursday, reaching $51.88. The company’s stock had a trading volume of 1,104,238 shares. The stock’s 50 day moving average is $51.17 and its 200 day moving average is $50.98. The stock has a market cap of $9.74 billion, a P/E ratio of 14.58 and a beta of 0.86. Garmin has a 12-month low of $46.05 and a 12-month high of $55.94.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. The business had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.87 earnings per share. Analysts anticipate that Garmin will post $2.80 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 3.93%. Garmin’s payout ratio is 57.46%.
In other Garmin news, major shareholder Jonathan Burrell sold 100,000 shares of the business’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $52.46, for a total transaction of $5,246,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 401,697 shares of company stock worth $20,978,956. 18.30% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of GRMN. US Bancorp DE increased its stake in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares during the last quarter. James Investment Research Inc. purchased a new stake in Garmin during the first quarter worth approximately $144,000. Mn Services Vermogensbeheer B.V. increased its stake in Garmin by 11.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,162 shares of the scientific and technical instruments company’s stock worth $151,000 after buying an additional 323 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Garmin during the first quarter worth approximately $156,000. Finally, Botty Investors LLC purchased a new stake in Garmin during the first quarter worth approximately $172,000. Institutional investors own 41.73% of the company’s stock.
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.
Receive News & Ratings for Garmin Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.