Garmin Ltd. (GRMN) PT Raised to $57.00
Garmin Ltd. (NASDAQ:GRMN) had its target price raised by stock analysts at Morgan Stanley from $52.00 to $57.00 in a research report issued to clients and investors on Thursday. The firm currently has an “equal weight” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s target price points to a potential downside of 3.88% from the stock’s current price.
A number of other equities analysts have also weighed in on GRMN. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Thursday. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. BidaskClub lowered shares of Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday, August 4th. Finally, Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $56.33.
Shares of Garmin (NASDAQ:GRMN) traded down $0.25 during trading hours on Thursday, reaching $59.30. The company’s stock had a trading volume of 929,929 shares, compared to its average volume of 1,095,015. Garmin has a fifty-two week low of $46.80 and a fifty-two week high of $60.44. The stock has a market cap of $11,795.51, a price-to-earnings ratio of 20.68, a price-to-earnings-growth ratio of 2.46 and a beta of 0.81.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.09. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business had revenue of $743.00 million during the quarter, compared to analyst estimates of $722.00 million. During the same quarter in the previous year, the firm earned $0.75 EPS. Garmin’s revenue was up 2.9% on a year-over-year basis. sell-side analysts anticipate that Garmin will post 2.9 EPS for the current fiscal year.
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In related news, EVP Patrick Desbois sold 1,881 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $103,455.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jonathan Burrell sold 231,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total value of $11,852,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,020,735 shares of company stock valued at $53,154,152. 18.30% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. WFG Advisors LP grew its stake in shares of Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock valued at $111,000 after acquiring an additional 225 shares during the period. US Bancorp DE grew its stake in shares of Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after acquiring an additional 180 shares during the period. Cutler Group LP bought a new position in shares of Garmin during the 2nd quarter valued at approximately $188,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Garmin by 72.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock valued at $191,000 after acquiring an additional 1,568 shares during the period. Finally, Profund Advisors LLC bought a new position in shares of Garmin during the 2nd quarter valued at approximately $202,000. Institutional investors own 39.89% 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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