Garmin Ltd. (GRMN) Hits New 12-Month High at $61.68
Garmin Ltd. (NASDAQ:GRMN) shares reached a new 52-week high during trading on Friday . The company traded as high as $61.68 and last traded at $60.75, with a volume of 859100 shares changing hands. The stock had previously closed at $60.29.
A number of research firms have recently commented on GRMN. BidaskClub downgraded Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Longbow Research reiterated a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Morgan Stanley increased their target price on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, KeyCorp reiterated a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Garmin presently has a consensus rating of “Hold” and a consensus price target of $56.33.
The stock has a market capitalization of $12,030.00, a PE ratio of 21.09, a PEG ratio of 2.51 and a beta of 0.80.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.09. The company had revenue of $743.00 million during the quarter, compared to the consensus estimate of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. Garmin’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. equities analysts anticipate that Garmin Ltd. will post 2.9 EPS for the current year.
In related news, VP Andrew R. Etkind sold 2,189 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total value of $113,828.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Jonathan Burrell sold 253,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $60.61, for a total value of $15,334,330.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,551,148 shares of company stock valued at $86,920,736. 18.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of GRMN. WFG Advisors LP lifted its position in Garmin by 11.5% in the second quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after buying an additional 225 shares during the last quarter. US Bancorp DE lifted its position in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Garmin by 72.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after buying an additional 1,568 shares during the last quarter. Profund Advisors LLC bought a new stake in Garmin in the second quarter worth $202,000. Finally, Bank of Hawaii bought a new stake in Garmin in the third quarter worth $206,000. Institutional investors own 38.01% 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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