Garmin Ltd. (GRMN) Given Market Perform Rating at Oppenheimer Holdings Inc.
Garmin Ltd. (NASDAQ:GRMN)‘s stock had its “market perform” rating reissued by investment analysts at Oppenheimer Holdings Inc. in a report issued on Monday.
Several other brokerages have also issued reports on GRMN. Zacks Investment Research lowered Garmin from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th. JPMorgan Chase & Co. raised Garmin from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $38.00 to $47.00 in a report on Thursday, July 28th. Vetr raised Garmin from a “hold” rating to a “buy” rating and set a $45.70 price target on the stock in a report on Tuesday, April 19th. Raymond James Financial Inc. reissued a “buy” rating on shares of Garmin in a report on Friday, June 10th. Finally, Morgan Stanley lowered their price target on Garmin from $49.00 to $42.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $40.89.
Garmin (NASDAQ:GRMN) traded down 3.03% during trading on Monday, reaching $47.44. The company had a trading volume of 1,856,095 shares. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 18.03 and a beta of 0.82. The firm has a 50-day moving average of $52.05 and a 200-day moving average of $44.14. Garmin has a 1-year low of $30.93 and a 1-year high of $56.19.
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Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 27th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.67 by $0.20. The firm had revenue of $812 million for the quarter, compared to analyst estimates of $763.37 million. Garmin had a return on equity of 14.97% and a net margin of 17.29%. Garmin’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. On average, analysts anticipate that Garmin will post $2.53 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $2.04 annualized dividend and a dividend yield of 4.30%. Garmin’s dividend payout ratio is currently 77.27%.
In other Garmin news, insider Clifton A. Pemble sold 1,429 shares of Garmin stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $55.00, for a total value of $78,595.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Andrew R. Etkind sold 1,046 shares of Garmin stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $54.90, for a total transaction of $57,425.40. The disclosure for this sale can be found here. Corporate insiders own 18.30% of the company’s stock.
Other hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Garmin by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 9,688,158 shares of the company’s stock valued at $360,109,000 after buying an additional 277,124 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Garmin by 19.6% in the first quarter. BlackRock Fund Advisors now owns 5,819,469 shares of the company’s stock valued at $232,546,000 after buying an additional 951,844 shares during the last quarter. FIL Ltd boosted its stake in Garmin by 26.7% in the fourth quarter. FIL Ltd now owns 2,801,516 shares of the company’s stock valued at $104,133,000 after buying an additional 589,889 shares during the last quarter. Norges Bank purchased a new stake in Garmin during the fourth quarter valued at approximately $63,253,000. Finally, Geode Capital Management LLC boosted its stake in Garmin by 1.2% in the first quarter. Geode Capital Management LLC now owns 1,037,562 shares of the company’s stock valued at $41,383,000 after buying an additional 12,677 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. Garmin designs, develops, manufactures, markets and distributes a family of hand-held, wearable, portable and fixed-mount GPS-enabled products and other navigation, communications, sensor-based and information products.
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