Garmin (NASDAQ:GRMN) Cut to Hold at ValuEngine

Garmin (NASDAQ:GRMN) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Thursday, ValuEngine reports.

GRMN has been the subject of a number of other research reports. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Tuesday, June 11th. Zacks Investment Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Morgan Stanley set a $81.00 price target on Garmin and gave the stock a “hold” rating in a research report on Thursday, May 2nd. BidaskClub cut Garmin from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. Finally, JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and lowered their price target for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $78.66.

Shares of Garmin stock traded down $1.05 during trading on Thursday, reaching $75.69. The company’s stock had a trading volume of 1,060,088 shares, compared to its average volume of 1,176,432. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 2.39. The stock has a market capitalization of $14.99 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 2.74 and a beta of 0.91. Garmin has a 1-year low of $59.98 and a 1-year high of $89.72. The company has a 50-day moving average price of $79.88.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.16. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The company had revenue of $955.00 million during the quarter, compared to analysts’ expectations of $930.98 million. During the same quarter in the previous year, the firm posted $0.99 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts predict that Garmin will post 3.89 EPS for the current year.

In other Garmin news, insider Min H. Kao sold 842,410 shares of Garmin stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $78.37, for a total transaction of $66,019,671.70. Following the completion of the transaction, the insider now owns 1,779,429 shares in the company, valued at approximately $139,453,850.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Min H. Kao sold 362,080 shares of Garmin stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $79.09, for a total value of $28,636,907.20. Following the transaction, the insider now owns 1,799,429 shares of the company’s stock, valued at approximately $142,316,839.61. The disclosure for this sale can be found here. Insiders have sold a total of 3,685,315 shares of company stock valued at $292,745,808 in the last quarter. Company insiders own 23.83% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Norges Bank purchased a new position in shares of Garmin during the 4th quarter valued at about $82,766,000. Hexavest Inc. purchased a new position in shares of Garmin in the 1st quarter valued at about $37,769,000. JPMorgan Chase & Co. increased its stake in shares of Garmin by 162.8% in the 1st quarter. JPMorgan Chase & Co. now owns 519,802 shares of the scientific and technical instruments company’s stock valued at $44,885,000 after purchasing an additional 321,985 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Garmin by 26.3% in the 1st quarter. First Trust Advisors LP now owns 1,120,558 shares of the scientific and technical instruments company’s stock valued at $96,760,000 after purchasing an additional 233,543 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Garmin in the 1st quarter valued at about $18,720,000. Institutional investors and hedge funds own 42.30% of the company’s stock.

Garmin Company Profile

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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Analyst Recommendations for Garmin (NASDAQ:GRMN)

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