Garmin Ltd. (GRMN) Downgraded to “Sell” at BidaskClub
BidaskClub lowered shares of Garmin Ltd. (NASDAQ:GRMN) from a hold rating to a sell rating in a research note released on Friday.
A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Garmin from a hold rating to a buy rating and set a $57.00 target price on the stock in a report on Thursday, May 4th. Bank of America Corp raised their target price on shares of Garmin from $47.00 to $50.00 and gave the stock an underperform rating in a report on Thursday, May 4th. J P Morgan Chase & Co cut shares of Garmin from a neutral rating to an underweight rating and cut their target price for the stock from $55.00 to $50.00 in a report on Thursday, May 4th. Goldman Sachs Group, Inc. (The) raised their target price on shares of Garmin from $52.00 to $54.00 and gave the stock a neutral rating in a report on Thursday, May 4th. Finally, Tigress Financial started coverage on shares of Garmin in a report on Tuesday, May 2nd. They issued a buy rating on the stock. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $51.21.
Shares of Garmin (GRMN) traded down 0.28% during trading on Friday, reaching $50.05. The company had a trading volume of 290,642 shares. The stock has a market capitalization of $9.42 billion, a price-to-earnings ratio of 14.30 and a beta of 0.87. Garmin has a 52-week low of $46.05 and a 52-week high of $55.94. The stock has a 50 day moving average of $51.22 and a 200 day moving average of $50.97.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.07. Garmin had a net margin of 21.78% and a return on equity of 15.86%. The firm had revenue of $638.50 million for the quarter, compared to analysts’ expectations of $629.11 million. During the same quarter last year, the company posted $0.49 earnings per share. Garmin’s revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that Garmin will post $2.68 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 4.06%. Garmin’s payout ratio is currently 58.45%.
In other Garmin news, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $52.11, for a total value of $10,422,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 400,000 shares of company stock worth $20,891,000 in the last 90 days. 18.30% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock valued at $556,544,000 after buying an additional 10,647,400 shares during the last quarter. State Street Corp raised its stake in shares of Garmin by 4.2% in the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock valued at $320,928,000 after buying an additional 254,455 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Garmin by 5.0% in the first quarter. Geode Capital Management LLC now owns 1,265,406 shares of the scientific and technical instruments company’s stock valued at $64,594,000 after buying an additional 59,945 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Garmin by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,089,439 shares of the scientific and technical instruments company’s stock valued at $55,680,000 after buying an additional 91,637 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock valued at $41,917,000 after buying an additional 621,665 shares during the last quarter. Institutional investors own 41.73% 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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