Garmin (NASDAQ:GRMN) has been given a $70.00 price objective by stock analysts at Bank of America in a research note issued on Thursday. The brokerage presently has a “sell” rating on the scientific and technical instruments company’s stock. Bank of America’s price objective would indicate a potential upside of 6.90% from the company’s previous close.
A number of other research analysts have also recently issued reports on GRMN. BidaskClub upgraded shares of Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 18th. Longbow Research set a $72.00 price objective on shares of Garmin and gave the company a “buy” rating in a report on Thursday, July 19th. Finally, Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the company an “equal weight” rating in a report on Friday, September 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $67.83.
Shares of NASDAQ GRMN opened at $65.48 on Thursday. The stock has a market cap of $12.87 billion, a PE ratio of 22.27, a price-to-earnings-growth ratio of 2.55 and a beta of 0.98. Garmin has a 1 year low of $57.01 and a 1 year high of $70.77.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.24. The firm had revenue of $810.01 million during the quarter, compared to analysts’ expectations of $784.06 million. Garmin had a net margin of 19.45% and a return on equity of 16.95%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. Sell-side analysts anticipate that Garmin will post 3.43 EPS for the current fiscal year.
In related news, Chairman Min H. Kao sold 295,361 shares of the business’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $64.95, for a total transaction of $19,183,696.95. Following the transaction, the chairman now directly owns 1,901,429 shares in the company, valued at $123,497,813.55. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Min H. Kao sold 222,766 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $64.93, for a total transaction of $14,464,196.38. Following the transaction, the insider now owns 1,901,429 shares in the company, valued at $123,459,784.97. The disclosure for this sale can be found here. Insiders have sold 3,448,047 shares of company stock valued at $223,362,321 over the last quarter. Corporate insiders own 17.85% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GRMN. Honkamp Krueger Financial Services Inc. purchased a new position in Garmin during the third quarter worth about $100,000. Flagship Harbor Advisors LLC purchased a new position in Garmin during the second quarter worth about $108,000. First Hawaiian Bank purchased a new position in Garmin during the third quarter worth about $118,000. Sun Life Financial INC boosted its holdings in Garmin by 1,601.7% during the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock worth $120,000 after purchasing an additional 1,858 shares during the last quarter. Finally, Fort L.P. purchased a new position in Garmin during the second quarter worth about $121,000. Institutional investors and hedge funds own 39.81% of the company’s stock.
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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