Longbow Research upgraded shares of Garmin Ltd. (NASDAQ:GRMN) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The firm currently has $60.00 target price on the scientific and technical instruments company’s stock. The analysts noted that the move was a valuation call.
GRMN has been the subject of several other research reports. Tigress Financial initiated coverage on shares of Garmin in a report on Tuesday, May 2nd. They set a buy rating for the company. J P Morgan Chase & Co lowered shares of Garmin from a neutral rating to an underweight rating and lowered their price target for the company from $55.00 to $50.00 in a report on Thursday, May 4th. Zacks Investment Research raised shares of Garmin from a hold rating to a buy rating and set a $57.00 price target for the company in a report on Thursday, May 4th. Bank of America Corporation raised their price target on shares of Garmin from $47.00 to $50.00 and gave the company an underperform rating in a report on Thursday, May 4th. Finally, Goldman Sachs Group, Inc. (The) raised their price target on shares of Garmin from $52.00 to $54.00 and gave the company a neutral rating in a report on Thursday, May 4th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $50.71.
Garmin (GRMN) traded up 0.51% during midday trading on Wednesday, reaching $51.59. The company’s stock had a trading volume of 713,600 shares. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 14.74 and a beta of 0.87. Garmin has a 52-week low of $45.63 and a 52-week high of $56.19. The firm has a 50-day moving average price of $51.40 and a 200 day moving average price of $50.81.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.07. The company had revenue of $638.50 million during the quarter, compared to analyst estimates of $629.11 million. Garmin had a net margin of 21.78% and a return on equity of 15.86%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.49 earnings per share. Equities research analysts predict that Garmin will post $2.68 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Thursday, September 14th. Garmin’s dividend payout ratio is currently 58.45%.
In related news, major shareholder Jonathan Burrell sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $52.11, for a total value of $10,422,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders sold 400,000 shares of company stock valued at $20,891,000. 18.30% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock worth $556,544,000 after buying an additional 10,647,400 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Garmin by 313.2% in the first quarter. Renaissance Technologies LLC now owns 820,142 shares of the scientific and technical instruments company’s stock worth $41,917,000 after buying an additional 621,665 shares during the last quarter. WINTON GROUP Ltd boosted its position in shares of Garmin by 473.0% in the first quarter. WINTON GROUP Ltd now owns 485,123 shares of the scientific and technical instruments company’s stock worth $23,339,000 after buying an additional 400,452 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Garmin by 83.7% in the first quarter. UBS Asset Management Americas Inc. now owns 753,945 shares of the scientific and technical instruments company’s stock worth $38,534,000 after buying an additional 343,489 shares during the last quarter. Finally, Todd Asset Management LLC boosted its position in shares of Garmin by 1,113.9% in the first quarter. Todd Asset Management LLC now owns 323,519 shares of the scientific and technical instruments company’s stock worth $16,535,000 after buying an additional 296,868 shares during the last quarter. 41.70% of the stock is owned by institutional investors and hedge funds.
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.
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