Garmin (NASDAQ:GRMN) Raised to Hold at BidaskClub

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BidaskClub upgraded shares of Garmin (NASDAQ:GRMN) from a sell rating to a hold rating in a research report released on Wednesday morning, BidAskClub reports.

Several other research firms have also recently issued reports on GRMN. Morgan Stanley raised their price objective on Zynga and gave the stock an overweight rating in a report on Thursday, May 2nd. Tigress Financial reiterated a buy rating on shares of Garmin in a report on Tuesday, June 11th. JPMorgan Chase & Co. lifted their target price on Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the company a neutral rating in a report on Friday, June 7th. Finally, Zacks Investment Research cut GenMark Diagnostics from a hold rating to a sell rating in a report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $78.66.

GRMN stock opened at $81.08 on Wednesday. Garmin has a 52-week low of $59.98 and a 52-week high of $89.72. The business’s fifty day simple moving average is $79.78. The company has a quick ratio of 3.07, a current ratio of 4.04 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $16.24 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 2.98 and a beta of 0.94.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The business had revenue of $766.00 million for the quarter, compared to analysts’ expectations of $733.26 million. During the same quarter last year, the firm earned $0.68 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that Garmin will post 3.75 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, September 13th. Garmin’s payout ratio is currently 61.79%.

In other Garmin news, insider Min H. Kao sold 362,080 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $79.09, for a total value of $28,636,907.20. Following the transaction, the insider now directly owns 1,799,429 shares of the company’s stock, valued at $142,316,839.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Min H. Kao sold 416,769 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $79.51, for a total value of $33,137,303.19. Following the completion of the transaction, the insider now directly owns 1,799,429 shares in the company, valued at $143,072,599.79. The disclosure for this sale can be found here. Insiders sold 1,872,225 shares of company stock worth $149,375,781 in the last quarter. 23.83% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in GRMN. Hilton Capital Management LLC purchased a new position in Garmin in the first quarter valued at about $29,000. Hanseatic Management Services Inc. purchased a new position in Garmin in the first quarter valued at about $30,000. Huntington National Bank raised its position in Garmin by 244.4% in the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after purchasing an additional 264 shares during the period. Liberty Wealth Management LLC purchased a new stake in shares of Garmin during the fourth quarter worth about $39,000. Finally, Trust Co. of Vermont increased its position in shares of Garmin by 762.1% during the first quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock worth $43,000 after acquiring an additional 442 shares during the last quarter. 42.58% of the stock is currently owned by institutional investors.

About Garmin

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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