Zacks Investment Research upgraded shares of Garmin (NASDAQ:GRMN) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The brokerage currently has $67.00 price objective on the scientific and technical instruments company’s stock.
According to Zacks, “Garmin reported impressive fourth-quarter 2017 results. Both revenues and earnings increased on a year-over-year basis. The company is currently riding on product line expansion. Management provided optimistic guidance for 2018. The company's strategy involves a constantly evolving product line supported by a platform approach that increases engagement with its products and focuses on building a community of users. A solid portfolio of new products across segments, secular drivers in the aviation market, share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market remains a headwind. Garmin has underperformed the industry it belongs to in the past year.”
Other analysts have also issued reports about the stock. BidaskClub raised shares of Garmin from a hold rating to a buy rating in a research note on Thursday, February 8th. Robert W. Baird reissued a neutral rating and set a $60.00 target price (up from $57.00) on shares of Garmin in a research note on Thursday, February 22nd. ValuEngine lowered shares of Garmin from a buy rating to a hold rating in a research note on Wednesday, March 7th. Tigress Financial reissued a buy rating on shares of Garmin in a research note on Friday, December 15th. Finally, Credit Suisse Group reissued a hold rating on shares of Garmin in a research note on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $57.00.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.75 by $0.04. Garmin had a net margin of 22.51% and a return on equity of 15.16%. The business had revenue of $888.49 million during the quarter, compared to analyst estimates of $872.73 million. During the same period in the prior year, the business earned $0.73 earnings per share. The business’s quarterly revenue was up 3.2% on a year-over-year basis. research analysts anticipate that Garmin will post 3.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Monday, June 18th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 3.61%. This is an increase from Garmin’s previous quarterly dividend of $0.51. Garmin’s dividend payout ratio is 55.43%.
In related news, insider Clifton A. Pemble sold 36,208 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $65.00, for a total value of $2,353,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Andrew R. Etkind sold 1,929 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $60.61, for a total transaction of $116,916.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 465,453 shares of company stock valued at $28,134,625. 18.30% of the stock is owned by insiders.
Several large investors have recently modified their holdings of GRMN. Robeco Institutional Asset Management B.V. lifted its position in shares of Garmin by 24.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,012,907 shares of the scientific and technical instruments company’s stock valued at $119,907,000 after acquiring an additional 393,740 shares in the last quarter. Sensato Investors LLC purchased a new stake in Garmin in the 4th quarter worth approximately $21,946,000. Quantitative Investment Management LLC lifted its position in Garmin by 850.7% in the 4th quarter. Quantitative Investment Management LLC now owns 254,800 shares of the scientific and technical instruments company’s stock worth $15,178,000 after buying an additional 228,000 shares in the last quarter. PGGM Investments lifted its position in Garmin by 62.7% in the 4th quarter. PGGM Investments now owns 581,700 shares of the scientific and technical instruments company’s stock worth $34,652,000 after buying an additional 224,165 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Garmin by 14.6% in the 4th quarter. Geode Capital Management LLC now owns 1,506,624 shares of the scientific and technical instruments company’s stock worth $89,595,000 after buying an additional 191,405 shares in the last quarter. Institutional investors and hedge funds own 39.29% of the company’s stock.
Garmin Company Profile
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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