Garmin (NASDAQ:GRMN) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

A number of other research analysts have also recently weighed in on GRMN. Zacks Investment Research cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. KeyCorp reiterated a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Morgan Stanley boosted their target price on shares of Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Finally, Credit Suisse Group reiterated an “underperform” rating and issued a $58.00 target price (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.57.

Garmin (GRMN) opened at $59.57 on Friday. The firm has a market cap of $11,169.38, a PE ratio of 16.23, a price-to-earnings-growth ratio of 2.46 and a beta of 0.85. Garmin has a 52 week low of $47.03 and a 52 week high of $63.15.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.09. The firm had revenue of $743.00 million for the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.75 earnings per share. analysts expect that Garmin will post 2.9 EPS for the current fiscal year.

In related news, insider Sean Biddlecombe sold 755 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $60.80, for a total transaction of $45,904.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clifton A. Pemble sold 4,066 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $223,630.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,063,870 shares of company stock worth $64,367,378 over the last 90 days. 18.30% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the stock. WFG Advisors LP lifted its stake in Garmin by 11.5% in the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after purchasing an additional 225 shares in the last quarter. Profund Advisors LLC purchased a new stake in Garmin in the 2nd quarter worth approximately $202,000. Bank of Hawaii purchased a new stake in Garmin in the 3rd quarter worth approximately $206,000. Cambridge Advisors Inc. purchased a new stake in Garmin in the 3rd quarter worth approximately $208,000. Finally, Koch Industries Inc. purchased a new stake in Garmin in the 2nd quarter worth approximately $220,000. Institutional investors own 41.54% of the company’s stock.

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About Garmin

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.

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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