Garmin Ltd. (GRMN) Given Consensus Recommendation of “Hold” by Analysts
Garmin Ltd. (NASDAQ:GRMN) has been assigned an average recommendation of “Hold” from the thirteen brokerages that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $48.78.
Several equities research analysts have commented on the company. Longbow Research restated a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research note on Tuesday. Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Finally, Bank of America Corporation upped their target price on Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, May 4th.
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In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jonathan Burrell sold 200,000 shares of the stock in a transaction 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 401,697 shares of company stock worth $20,978,956. 18.30% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in 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 in the last quarter. Bank of New York Mellon Corp raised its stake in Garmin by 117.9% in the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock valued at $113,730,000 after buying an additional 1,205,778 shares in the last quarter. Marshall Wace North America L.P. raised its stake in Garmin by 3,623.9% in the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock valued at $37,343,000 after buying an additional 712,537 shares in the last quarter. Principal Financial Group Inc. raised its stake in Garmin by 123.5% in the second quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock valued at $59,123,000 after buying an additional 640,133 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in Garmin by 153.9% in the second quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock valued at $53,193,000 after buying an additional 631,827 shares in the last quarter. 41.39% of the stock is owned by hedge funds and other institutional investors.
Garmin (NASDAQ:GRMN) opened at 51.29 on Friday. Garmin has a 12-month low of $46.05 and a 12-month high of $55.74. The stock’s 50 day moving average price is $51.24 and its 200-day moving average price is $51.12. The stock has a market capitalization of $9.63 billion, a PE ratio of 14.41 and a beta of 0.86.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The firm had revenue of $816.89 million during the quarter, compared to analyst estimates of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 earnings per share. Analysts expect that Garmin will post $2.80 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.98%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio is currently 57.46%.
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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