Garmin Ltd. (NASDAQ:GRMN) – Research analysts at Dougherty & Co upped their FY2017 earnings per share (EPS) estimates for shares of Garmin in a report issued on Sunday. Dougherty & Co analyst C. Anderson now expects that the scientific and technical instruments company will post earnings of $2.90 per share for the year, up from their previous estimate of $2.80. Dougherty & Co also issued estimates for Garmin’s FY2018 earnings at $2.86 EPS.
Several other analysts have also recently commented on GRMN. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub cut Garmin from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Morgan Stanley set a $50.00 target price on Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a report on Tuesday, August 8th. Finally, Zacks Investment Research cut Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Garmin currently has an average rating of “Hold” and an average price target of $56.33.
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Shares of Garmin (NASDAQ:GRMN) opened at $60.75 on Wednesday. The company has a market capitalization of $11,999.53, a price-to-earnings ratio of 21.03, a PEG ratio of 2.50 and a beta of 0.81. Garmin has a 1-year low of $47.03 and a 1-year high of $61.28.
Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The company had revenue of $743.00 million for 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 revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.75 earnings per share.
In related news, VP Andrew R. Etkind sold 2,189 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total value of $113,828.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Jonathan Burrell sold 127,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $60.37, for a total value of $7,666,990.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,295,735 shares of company stock worth $71,440,902. 18.30% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Garmin by 3.7% in the second quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock valued at $576,315,000 after acquiring an additional 404,430 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Garmin by 0.6% in the second quarter. Vanguard Group Inc. now owns 10,473,447 shares of the scientific and technical instruments company’s stock valued at $534,459,000 after acquiring an additional 59,138 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Garmin by 117.9% in the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock valued at $113,730,000 after acquiring an additional 1,205,778 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Garmin by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after buying an additional 8,210 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Garmin by 8.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,619,167 shares of the scientific and technical instruments company’s stock valued at $87,385,000 after buying an additional 123,324 shares during the period. Institutional investors and hedge funds own 38.01% 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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