Longbow Research downgraded shares of Garmin (NASDAQ:GRMN) from a buy rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat reports. The firm currently has $81.95 target price on the scientific and technical instruments company’s stock. The analysts noted that the move was a valuation call.
A number of other analysts have also weighed in on the stock. ValuEngine lowered shares of Garmin from a buy rating to a hold rating in a research report on Tuesday. BidaskClub raised shares of Garmin from a buy rating to a strong-buy rating in a research report on Wednesday, February 13th. Morgan Stanley reduced their price objective on shares of Garmin from $77.00 to $70.00 and set an equal weight rating on the stock in a research report on Monday, January 7th. Finally, Bank of America set a $70.00 price objective on shares of Garmin and gave the stock a sell rating in a research report on Thursday, November 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $69.79.
Shares of NASDAQ GRMN opened at $82.63 on Thursday. The stock has a market cap of $16.45 billion, a PE ratio of 22.47, a price-to-earnings-growth ratio of 3.05 and a beta of 0.94. Garmin has a 12-month low of $57.01 and a 12-month high of $83.30.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.22. The firm had revenue of $932.11 million for the quarter, compared to analysts’ expectations of $893.14 million. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The business’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 EPS. As a group, sell-side analysts anticipate that Garmin will post 3.7 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the business. Boston Advisors LLC bought a new position in shares of Garmin during the fourth quarter valued at approximately $4,382,000. Wakefield Asset Management LLLP purchased a new position in Garmin in the third quarter valued at $174,000. Wright Investors Service Inc. increased its holdings in Garmin by 3.6% in the third quarter. Wright Investors Service Inc. now owns 26,555 shares of the scientific and technical instruments company’s stock valued at $1,860,000 after buying an additional 920 shares in the last quarter. State Treasurer State of Michigan increased its holdings in Garmin by 9.1% in the third quarter. State Treasurer State of Michigan now owns 35,962 shares of the scientific and technical instruments company’s stock valued at $2,519,000 after buying an additional 3,000 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Garmin by 18.4% in the third quarter. Swiss National Bank now owns 445,348 shares of the scientific and technical instruments company’s stock valued at $31,197,000 after buying an additional 69,200 shares in the last quarter. Institutional investors and hedge funds own 42.48% of the company’s stock.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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