Garmin (NYSE:GRMN) Downgraded by Bank of America

Bank of America cut shares of Garmin (NYSE:GRMNGet Rating) from a buy rating to a neutral rating in a report issued on Tuesday morning, MarketBeat reports. The brokerage currently has $109.00 price objective on the scientific and technical instruments company’s stock, down from their previous price objective of $137.00.

Several other research firms also recently issued reports on GRMN. TheStreet downgraded Garmin from a b rating to a c+ rating in a report on Wednesday, July 27th. Tigress Financial boosted their price objective on Garmin from $205.00 to $208.00 in a report on Friday, May 6th. Deutsche Bank Aktiengesellschaft cut their price objective on Garmin from $160.00 to $150.00 in a report on Thursday, April 28th. Finally, Morgan Stanley cut their price objective on Garmin from $127.00 to $115.00 and set an equal weight rating on the stock in a report on Tuesday, June 14th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $134.75.

Garmin Stock Down 0.2 %

Shares of Garmin stock opened at $97.60 on Tuesday. Garmin has a 52 week low of $92.31 and a 52 week high of $178.80. The business’s fifty day simple moving average is $100.21 and its 200-day simple moving average is $108.97. The firm has a market cap of $18.82 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 3.57 and a beta of 0.95.

Garmin (NYSE:GRMNGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.42 by $0.02. Garmin had a return on equity of 17.71% and a net margin of 20.31%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $1.68 EPS. The company’s quarterly revenue was down 6.5% on a year-over-year basis. As a group, equities analysts expect that Garmin will post 4.9 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a dividend of $0.73 per share. The ex-dividend date is Tuesday, March 14th. This represents a $2.92 annualized dividend and a yield of 2.99%. Garmin’s dividend payout ratio (DPR) is 55.73%.

Insiders Place Their Bets

In other Garmin news, CEO Clifton A. Pemble sold 16,089 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the sale, the chief executive officer now owns 145,500 shares in the company, valued at approximately $14,231,355. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 21.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GRMN. Riverview Trust Co purchased a new position in shares of Garmin in the 1st quarter valued at about $26,000. Clear Street Markets LLC boosted its position in shares of Garmin by 403.2% in the 2nd quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company’s stock valued at $31,000 after purchasing an additional 254 shares during the period. HWG Holdings LP acquired a new stake in shares of Garmin in the 4th quarter valued at about $35,000. Tradewinds Capital Management LLC boosted its position in shares of Garmin by 100.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 300 shares of the scientific and technical instruments company’s stock valued at $41,000 after purchasing an additional 150 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Garmin in the 1st quarter valued at about $45,000. Hedge funds and other institutional investors own 72.11% of the company’s stock.

Garmin Company Profile

(Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

Further Reading

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