Garmin (GRMN) Downgraded by Zacks Investment Research
Garmin (NASDAQ:GRMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Garmin is currently riding on product line expansion The company's third-quarter 2017 results were driven by solid performance in marine, outdoor and aviation segments. Garmin'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, market share gains in the marine market and contributions from acquisitions are other positives. However, weak personal navigation device (PND) market and additional revenue deferrals remain headwinds. In the past 12 months, the stock has outperformed the industry it belongs to.”
Several other research analysts have also recently issued reports on GRMN. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Morgan Stanley upped their target price on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. BidaskClub cut Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Finally, Credit Suisse Group reaffirmed an “underperform” rating and set a $58.00 price objective (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Garmin currently has a consensus rating of “Hold” and an average price target of $56.57.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The business had revenue of $743.00 million during the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 EPS. research analysts expect that Garmin will post 2.9 earnings per share for the current fiscal year.
In other Garmin news, insider Sean Biddlecombe sold 755 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total value of $15,862,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,063,870 shares of company stock worth $64,367,378. Insiders own 18.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Garmin during the second quarter worth about $376,000. Royal Bank of Canada raised its holdings in shares of Garmin by 30.4% during the second quarter. Royal Bank of Canada now owns 231,794 shares of the scientific and technical instruments company’s stock valued at $11,827,000 after buying an additional 53,984 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Garmin by 3.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock valued at $36,874,000 after buying an additional 24,777 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Garmin by 8.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 256,239 shares of the scientific and technical instruments company’s stock valued at $13,076,000 after buying an additional 20,690 shares during the last quarter. Finally, Invictus RG bought a new stake in shares of Garmin during the third quarter valued at approximately $739,000. 41.54% of the stock is currently owned by institutional investors and hedge funds.
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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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