Garmin (GRMN) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Garmin (NASDAQ:GRMN) from a hold rating to a buy rating in a research report sent to investors on Thursday. They currently have $68.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Garmin is currently riding on product line expansion. The company's strategy involves a constantly evolving product line supported by a platform approach that increases engagement with its products and focuses on building a community of users. A solid portfolio of new products across segments, secular drivers in the aviation market, market share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market and additional revenue deferrals remain headwinds. In the past 12 months, the stock has underperformed the industry it belongs to.”
Several other analysts also recently commented on the stock. ValuEngine raised shares of Garmin from a hold rating to a buy rating in a report on Sunday, December 31st. Tigress Financial reaffirmed a buy rating on shares of Garmin in a report on Friday, December 15th. BidaskClub downgraded shares of Garmin from a buy rating to a hold rating in a report on Friday, December 15th. Credit Suisse Group reaffirmed an underperform rating and issued a $58.00 price objective (up from $48.00) on shares of Garmin in a report on Tuesday, December 12th. Finally, Morgan Stanley upped their price objective on shares of Garmin from $52.00 to $57.00 and gave the company an equal weight rating in a report on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Garmin has a consensus rating of Hold and a consensus target price of $56.71.
Garmin (GRMN) traded down $0.53 during mid-day trading on Thursday, hitting $59.74. 843,063 shares of the stock traded hands, compared to its average volume of 1,029,364. The stock has a market cap of $11,201.25, a P/E ratio of 20.74, a P/E/G ratio of 2.42 and a beta of 0.85. Garmin has a fifty-two week low of $47.03 and a fifty-two week high of $63.15.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The business had revenue of $743.00 million for the quarter, compared to the consensus estimate of $722.00 million. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. analysts predict that Garmin will post 2.9 earnings per share for the current year.
In related news, major shareholder Jonathan Burrell sold 254,000 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total value of $15,862,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Clifton A. Pemble sold 4,066 shares of the business’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $223,630.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,063,870 shares of company stock valued at $64,367,378. Company insiders own 18.30% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of GRMN. Schwab Charles Investment Management Inc. lifted its stake in shares of Garmin by 3.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock valued at $36,874,000 after purchasing an additional 24,777 shares during the period. Victory Capital Management Inc. raised its position in Garmin by 12.3% during the second quarter. Victory Capital Management Inc. now owns 10,997 shares of the scientific and technical instruments company’s stock worth $561,000 after acquiring an additional 1,207 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in Garmin by 8.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 256,239 shares of the scientific and technical instruments company’s stock worth $13,076,000 after acquiring an additional 20,690 shares during the period. Utah Retirement Systems raised its position in Garmin by 8.9% during the second quarter. Utah Retirement Systems now owns 22,105 shares of the scientific and technical instruments company’s stock worth $1,128,000 after acquiring an additional 1,800 shares during the period. Finally, Swiss National Bank raised its position in Garmin by 10.6% during the second quarter. Swiss National Bank now owns 464,748 shares of the scientific and technical instruments company’s stock worth $23,716,000 after acquiring an additional 44,500 shares during the period. Hedge funds and other institutional investors own 41.54% of the company’s stock.
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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