Garmin Ltd. (GRMN) Downgraded by BidaskClub to Strong Sell
BidaskClub downgraded shares of Garmin Ltd. (NASDAQ:GRMN) from a sell rating to a strong sell rating in a research report sent to investors on Friday.
Other equities research analysts have also issued research reports about the company. Tigress Financial initiated coverage on Garmin in a research note on Tuesday, May 2nd. They issued a buy rating for the company. Zacks Investment Research upgraded Garmin from a hold rating to a buy rating and set a $57.00 price target for the company in a research note on Thursday, May 4th. Longbow Research reiterated a buy rating on shares of Garmin in a research note on Thursday. Morgan Stanley set a $50.00 price target on Garmin and gave the stock a hold rating in a research note on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) increased their price target on Garmin from $52.00 to $54.00 and gave the stock a neutral rating in a research note on Thursday, May 4th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Garmin has an average rating of Hold and an average price target of $51.21.
Garmin (GRMN) traded up 0.42% during trading on Friday, reaching $52.10. The company had a trading volume of 986,658 shares. The firm has a market capitalization of $9.78 billion, a P/E ratio of 14.64 and a beta of 0.86. Garmin has a one year low of $46.05 and a one year high of $55.94. The firm’s 50-day moving average price is $51.17 and its 200 day moving average price is $50.98.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.07. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. During the same quarter in the prior year, the business posted $0.87 EPS. Garmin’s revenue for the quarter was up .7% compared to the same quarter last year. Equities analysts forecast that Garmin will post $2.80 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 dividend yield of 3.92%. Garmin’s payout ratio is 57.46%.
In other news, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were 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. In the last 90 days, insiders have sold 401,697 shares of company stock valued at $20,978,956. Company insiders own 18.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Washington Trust Bank raised its position in shares of Garmin by 204.6% in the first quarter. Washington Trust Bank now owns 7,040 shares of the scientific and technical instruments company’s stock worth $360,000 after buying an additional 4,729 shares during the last quarter. Tompkins Financial Corp purchased a new position in shares of Garmin during the first quarter worth $194,000. Fox Run Management L.L.C. purchased a new position in shares of Garmin during the first quarter worth $373,000. Atria Investments LLC raised its position in shares of Garmin by 25.8% in the first quarter. Atria Investments LLC now owns 44,782 shares of the scientific and technical instruments company’s stock worth $2,289,000 after buying an additional 9,177 shares during the last quarter. Finally, Visionary Asset Management Inc. raised its position in shares of Garmin by 2.5% in the first quarter. Visionary Asset Management Inc. now owns 67,324 shares of the scientific and technical instruments company’s stock worth $3,441,000 after buying an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 41.39% 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.