BidaskClub Upgrades Garmin (NASDAQ:GRMN) to Hold

Garmin (NASDAQ:GRMN) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Wednesday, BidAskClub reports.

A number of other brokerages also recently issued reports on GRMN. Morgan Stanley boosted their price objective on Zynga and gave the company an “overweight” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. upped their price target on Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the stock a “neutral” rating in a research note on Friday, June 7th. Zacks Investment Research downgraded GenMark Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, April 24th. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $78.66.

Garmin stock opened at $82.00 on Wednesday. The company’s 50-day moving average price is $79.69. The company has a market cap of $16.07 billion, a P/E ratio of 22.22, a P/E/G ratio of 2.95 and a beta of 0.94. Garmin has a 52-week low of $59.98 and a 52-week high of $89.72. The company has a current ratio of 4.04, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. The business had revenue of $766.00 million during the quarter, compared to the consensus estimate of $733.26 million. Garmin had a return on equity of 17.60% and a net margin of 20.72%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. On average, equities research analysts forecast that Garmin will post 3.75 EPS for the current fiscal year.

In other news, Chairman Min H. Kao sold 86,077 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $79.47, for a total transaction of $6,840,539.19. Following the sale, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at approximately $143,000,622.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Min H. Kao sold 196,836 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $79.53, for a total value of $15,654,367.08. Following the sale, the chairman now directly owns 1,799,429 shares in the company, valued at $143,108,588.37. The disclosure for this sale can be found here. Insiders have sold a total of 1,872,225 shares of company stock worth $149,375,781 over the last ninety days. Insiders own 23.83% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Hilton Capital Management LLC purchased a new stake in shares of Garmin during the 1st quarter worth approximately $29,000. Hanseatic Management Services Inc. purchased a new stake in Garmin during the 1st quarter valued at $30,000. Huntington National Bank raised its holdings in Garmin by 244.4% during the 1st quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after buying an additional 264 shares during the period. Liberty Wealth Management LLC purchased a new stake in Garmin during the 4th quarter valued at $39,000. Finally, Trust Co. of Vermont raised its holdings in Garmin by 762.1% during the 1st quarter. Trust Co. of Vermont now owns 500 shares of the scientific and technical instruments company’s stock valued at $43,000 after buying an additional 442 shares during the period. 42.58% of the stock is currently owned by institutional investors and hedge funds.

Garmin Company Profile

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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