Garmin (GRMN) Rating Increased to Buy at Zacks Investment Research

Garmin (NASDAQ:GRMN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $68.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.83% from the stock’s previous close.

According to Zacks, “Garmin is currently riding on product line expansion. 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, 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 underperformed the industry it belongs to.”

GRMN has been the topic of several other reports. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. BidaskClub downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Friday, December 15th. Credit Suisse Group reissued an “underperform” rating and set a $58.00 target price (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Finally, KeyCorp reissued a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $56.71.

Shares of Garmin (NASDAQ:GRMN) opened at $59.74 on Thursday. Garmin has a 52-week low of $47.03 and a 52-week high of $63.15. The company has a market capitalization of $11,200.00, a price-to-earnings ratio of 16.28, a PEG ratio of 2.44 and a beta of 0.83.

Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The company had revenue of $743.00 million during the quarter, compared to the consensus estimate of $722.00 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. research analysts expect that Garmin will post 2.9 earnings per share for the current year.

In other news, insider Clifton A. Pemble sold 4,066 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $55.00, for a total value of $223,630.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick Desbois sold 1,881 shares of the company’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $103,455.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,063,870 shares of company stock worth $64,367,378. Company insiders own 18.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of GRMN. Schwab Charles Investment Management Inc. increased its stake in shares of Garmin by 3.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 722,581 shares of the scientific and technical instruments company’s stock worth $36,874,000 after acquiring an additional 24,777 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Garmin by 12.3% in the second quarter. Victory Capital Management Inc. now owns 10,997 shares of the scientific and technical instruments company’s stock worth $561,000 after acquiring an additional 1,207 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Garmin by 8.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 256,239 shares of the scientific and technical instruments company’s stock worth $13,076,000 after acquiring an additional 20,690 shares during the last quarter. Utah Retirement Systems increased its stake in shares of Garmin by 8.9% in the second quarter. Utah Retirement Systems now owns 22,105 shares of the scientific and technical instruments company’s stock worth $1,128,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Garmin by 10.6% in the second quarter. Swiss National Bank now owns 464,748 shares of the scientific and technical instruments company’s stock worth $23,716,000 after acquiring an additional 44,500 shares during the last quarter. 41.54% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Garmin (NASDAQ:GRMN)

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