Garmin (NASDAQ:GRMN)‘s stock had its “buy” rating reaffirmed by investment analysts at Tigress Financial in a research note issued to investors on Friday.
Several other analysts have also recently issued reports on GRMN. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research report on Friday. Credit Suisse Group reiterated an “underperform” rating and set a $58.00 target price (up previously from $48.00) on shares of Garmin in a research report on Tuesday. ValuEngine upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Morgan Stanley increased their target price on Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Thursday, November 2nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $56.57.
Shares of Garmin (NASDAQ GRMN) traded down $1.10 on Friday, reaching $58.36. The company had a trading volume of 4,151,555 shares, compared to its average volume of 1,127,734. Garmin has a 52 week low of $47.03 and a 52 week high of $63.15. The stock has a market cap of $11,405.63, a price-to-earnings ratio of 21.12, a P/E/G ratio of 2.51 and a beta of 0.84.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.09. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business had revenue of $743.00 million for the quarter, compared to the consensus estimate of $722.00 million. During the same period in the previous year, the company posted $0.75 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. sell-side analysts expect that Garmin will post 2.9 EPS for the current fiscal year.
In other news, VP Andrew R. Etkind sold 2,073 shares of the business’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $53.00, for a total value of $109,869.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Biddlecombe sold 755 shares of the business’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $60.80, for a total value of $45,904.00. The disclosure for this sale can be found here. Insiders sold a total of 1,065,943 shares of company stock worth $64,477,247 over the last quarter. Company insiders own 18.30% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Parametric Portfolio Associates LLC grew its position in shares of Garmin by 10.4% in the third quarter. Parametric Portfolio Associates LLC now owns 312,080 shares of the scientific and technical instruments company’s stock valued at $16,843,000 after purchasing an additional 29,397 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of Garmin during the third quarter worth $483,000. Piedmont Investment Advisors LLC increased its position in shares of Garmin by 1.9% during the third quarter. Piedmont Investment Advisors LLC now owns 60,449 shares of the scientific and technical instruments company’s stock worth $3,262,000 after acquiring an additional 1,124 shares during the period. California Public Employees Retirement System increased its position in shares of Garmin by 3.8% during the third quarter. California Public Employees Retirement System now owns 348,657 shares of the scientific and technical instruments company’s stock worth $18,817,000 after acquiring an additional 12,757 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in shares of Garmin by 3.3% during the third quarter. Janney Montgomery Scott LLC now owns 39,316 shares of the scientific and technical instruments company’s stock worth $2,122,000 after acquiring an additional 1,246 shares during the period. Institutional investors own 39.37% of the company’s stock.
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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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