Garmin (NASDAQ:GRMN) Reaches New 1-Year High at $97.59

Garmin Ltd. (NASDAQ:GRMN)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $97.59 and last traded at $97.44, with a volume of 9442 shares traded. The stock had previously closed at $95.89.

GRMN has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Garmin from $81.00 to $85.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. BidaskClub raised shares of Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Tigress Financial reissued a “buy” rating on shares of Garmin in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $79.33.

The company’s 50-day moving average price is $87.50 and its 200 day moving average price is $81.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.93 and a current ratio of 2.64. The stock has a market capitalization of $18.48 billion, a PE ratio of 26.32, a PEG ratio of 3.05 and a beta of 0.91.

Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.32. Garmin had a net margin of 21.79% and a return on equity of 18.73%. The firm had revenue of $934.38 million during the quarter, compared to analysts’ expectations of $869.02 million. During the same period last year, the company posted $1.00 EPS. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. Analysts expect that Garmin Ltd. will post 4.16 earnings per share for the current year.

In other news, Chairman Min H. Kao sold 181,375 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $93.23, for a total value of $16,909,591.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Min H. Kao sold 448,427 shares of Garmin stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $78.41, for a total transaction of $35,161,161.07. Following the transaction, the insider now directly owns 1,779,429 shares of the company’s stock, valued at $139,525,027.89. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,792,547 shares of company stock valued at $155,189,747. Corporate insiders own 23.83% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maverick Capital Ltd. purchased a new position in Garmin during the second quarter valued at approximately $3,324,000. Financial Advisors Network Inc. increased its holdings in shares of Garmin by 11.0% in the 2nd quarter. Financial Advisors Network Inc. now owns 3,462 shares of the scientific and technical instruments company’s stock worth $267,000 after buying an additional 343 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Garmin by 62.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 574,877 shares of the scientific and technical instruments company’s stock worth $45,875,000 after buying an additional 221,853 shares during the last quarter. Xact Kapitalforvaltning AB increased its holdings in shares of Garmin by 7.4% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 33,488 shares of the scientific and technical instruments company’s stock worth $2,672,000 after buying an additional 2,308 shares during the last quarter. Finally, Flagship Harbor Advisors LLC increased its holdings in shares of Garmin by 13.2% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 2,030 shares of the scientific and technical instruments company’s stock worth $162,000 after buying an additional 237 shares during the last quarter. 42.08% of the stock is owned by institutional investors.

Garmin Company Profile (NASDAQ:GRMN)

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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