Garmin Ltd. (GRMN) Raised to Sell at BidaskClub
BidaskClub upgraded shares of Garmin Ltd. (NASDAQ:GRMN) from a strong sell rating to a sell rating in a research report sent to investors on Tuesday morning.
Other research analysts also recently issued research reports about the company. Longbow Research restated a buy rating on shares of Garmin in a research note on Thursday, August 3rd. Goldman Sachs Group, Inc. (The) raised their price target on Garmin from $52.00 to $54.00 and gave the company a neutral rating in a report on Thursday, May 4th. Tigress Financial reaffirmed a buy rating on shares of Garmin in a report on Monday, July 10th. Zacks Investment Research cut Garmin from a buy rating to a hold rating in a report on Monday, May 8th. Finally, Bank of America Corporation raised their price target on Garmin from $47.00 to $50.00 and gave the company an underperform rating in a report on Thursday, May 4th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $51.21.
Shares of Garmin (NASDAQ:GRMN) traded up 0.38% during trading on Tuesday, hitting $52.38. 96,931 shares of the stock were exchanged. Garmin has a 1-year low of $46.05 and a 1-year high of $55.74. The company has a market cap of $9.83 billion, a P/E ratio of 14.72 and a beta of 0.86. The firm’s 50-day moving average is $51.33 and its 200 day moving average is $51.31.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.81 by $0.07. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The business had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. During the same quarter last year, the company earned $0.87 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts forecast that Garmin will post $2.80 earnings per share for the current fiscal year.
The business 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 dividend on an annualized basis and a yield of 3.91%. Garmin’s dividend payout ratio (DPR) is currently 57.46%.
In other Garmin news, major shareholder Jonathan Burrell sold 100,000 shares of Garmin stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $52.23, for a total value of $5,223,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The disclosure for this sale can be found here. Insiders sold a total of 765,197 shares of company stock worth $39,501,276 over the last ninety days. Insiders own 18.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in GRMN. James Investment Research Inc. bought a new position in shares of Garmin during the first quarter worth approximately $144,000. Cutler Group LP acquired a new stake in shares of Garmin during the second quarter worth $188,000. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Garmin during the first quarter worth $1,002,000. Summit Global Investments acquired a new stake in shares of Garmin during the first quarter worth $521,000. Finally, Morgan Stanley raised its stake in shares of Garmin by 11.3% in the first quarter. Morgan Stanley now owns 310,223 shares of the scientific and technical instruments company’s stock worth $15,854,000 after buying an additional 31,501 shares in the last quarter. 42.88% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for Garmin Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin Ltd. and related stocks with our FREE daily email newsletter.