Garmin (NYSE:GRMN – Get Free Report) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.
Several other analysts have also recently issued reports on the company. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Friday, September 4th. KeyCorp reissued a “sector weight” rating on shares of Garmin in a research note on Wednesday, September 2nd. Morgan Stanley upped their price target on Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Finally, UBS Group set a $370.00 price target on Garmin in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $310.17.
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Garmin Stock Up 3.8%
Garmin (NYSE:GRMN – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, beating the consensus estimate of $2.30 by $0.51. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.17 EPS. On average, equities research analysts anticipate that Garmin will post 10.08 earnings per share for the current fiscal year.
Insider Activity
In other Garmin news, CEO Clifton A. Pemble sold 4,029 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total value of $1,208,700.00. Following the sale, the chief executive officer directly owned 120,127 shares of the company’s stock, valued at approximately $36,038,100. This represents a 3.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sean Biddlecombe sold 986 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $292.88, for a total transaction of $288,779.68. Following the completion of the sale, the director directly owned 6,021 shares in the company, valued at approximately $1,763,430.48. This represents a 14.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,108 shares of company stock worth $4,808,799. Insiders own 14.80% of the company’s stock.
Hedge Funds Weigh In On Garmin
Large investors have recently bought and sold shares of the business. Elevation Wealth Partners LLC boosted its stake in Garmin by 336.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 96 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 74 shares during the period. CoreCap Advisors LLC increased its stake in Garmin by 216.2% in the third quarter. CoreCap Advisors LLC now owns 117 shares of the scientific and technical instruments company’s stock valued at $34,000 after purchasing an additional 80 shares during the period. Groupe la Francaise increased its stake in Garmin by 346.4% in the first quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 97 shares during the period. Reflection Asset Management acquired a new position in Garmin in the fourth quarter valued at $32,000. Finally, Archer Investment Corp purchased a new stake in shares of Garmin in the first quarter valued at about $37,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.
Garmin Company Profile
Garmin Ltd. is a technology company that develops products using global positioning system (GPS), satellite communications and other location-based technologies. The company serves consumers, businesses and professional users through product lines focused on fitness, outdoor recreation, aviation, marine and automotive applications.
Its offerings include smartwatches and fitness trackers, cycling computers, navigation devices, satellite communicators, outdoor handhelds, marine chartplotters and sonar systems, and aviation navigation and communication equipment.
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