Longbow Research set a $75.00 price target on Garmin (NASDAQ:GRMN) in a research report sent to investors on Thursday. The firm currently has a buy rating on the scientific and technical instruments company’s stock.

Several other analysts also recently issued reports on the company. BidaskClub upgraded Garmin from a buy rating to a strong-buy rating in a research note on Tuesday, September 18th. ValuEngine upgraded Garmin from a hold rating to a buy rating in a research note on Tuesday, July 10th. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $67.40.

GRMN opened at $70.04 on Thursday. The firm has a market capitalization of $13.87 billion, a P/E ratio of 21.82, a PEG ratio of 2.90 and a beta of 1.03. Garmin has a 1 year low of $52.05 and a 1 year high of $70.75.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.12. The business had revenue of $894.50 million during the quarter, compared to the consensus estimate of $844.76 million. Garmin had a return on equity of 15.98% and a net margin of 18.72%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.88 EPS. equities analysts predict that Garmin will post 3.3 earnings per share for the current fiscal year.

In related news, Chairman Min H. Kao sold 18,316 shares of the business’s stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $61.00, for a total value of $1,117,276.00. Following the completion of the sale, the chairman now directly owns 5,611,325 shares in the company, valued at approximately $342,290,825. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sean Biddlecombe sold 1,308 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $64.89, for a total value of $84,876.12. The disclosure for this sale can be found here. Insiders sold a total of 4,406,269 shares of company stock valued at $282,067,773 over the last 90 days. 17.85% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Garmin by 1.6% during the 2nd quarter. BlackRock Inc. now owns 11,085,678 shares of the scientific and technical instruments company’s stock valued at $676,226,000 after acquiring an additional 175,369 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of Garmin by 1.1% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,154,606 shares of the scientific and technical instruments company’s stock valued at $131,428,000 after acquiring an additional 23,858 shares during the period. Schroder Investment Management Group lifted its position in shares of Garmin by 35.8% during the 2nd quarter. Schroder Investment Management Group now owns 1,700,423 shares of the scientific and technical instruments company’s stock valued at $103,658,000 after acquiring an additional 448,275 shares during the period. Janus Henderson Group PLC lifted its position in shares of Garmin by 9.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,409,480 shares of the scientific and technical instruments company’s stock valued at $85,978,000 after acquiring an additional 123,895 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Garmin by 0.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,328,415 shares of the scientific and technical instruments company’s stock valued at $81,034,000 after acquiring an additional 4,895 shares during the period. Hedge funds and other institutional investors own 39.81% of the company’s stock.

Garmin Company Profile

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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Analyst Recommendations for Garmin (NASDAQ:GRMN)

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