Garmin (GRMN) Rating Reiterated by Credit Suisse Group

Garmin (NASDAQ:GRMN)‘s stock had its “underperform” rating reiterated by equities researchers at Credit Suisse Group in a note issued to investors on Tuesday. They presently have a $58.00 price objective on the scientific and technical instruments company’s stock, up from their previous price objective of $48.00. Credit Suisse Group’s price objective indicates a potential downside of 4.65% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Garmin from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Thursday, November 2nd. BidaskClub cut shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. ValuEngine raised shares of Garmin from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Morgan Stanley upped their price objective on shares of Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, KeyCorp restated 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, four have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $56.57.

Shares of Garmin (GRMN) traded down $0.30 during trading on Tuesday, reaching $60.83. 1,188,700 shares of the company were exchanged, compared to its average volume of 1,109,790. Garmin has a 12-month low of $47.03 and a 12-month high of $63.15. The stock has a market cap of $11,410.00, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83.

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

In related news, EVP Patrick Desbois sold 1,881 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $55.00, for a total transaction of $103,455.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $62.45, for a total transaction of $15,862,300.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,065,188 shares of company stock worth $64,431,343. 18.30% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE increased its stake in shares of Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock valued at $113,000 after purchasing an additional 180 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in shares of Garmin by 1.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 22,277 shares of the scientific and technical instruments company’s stock valued at $1,137,000 after acquiring an additional 264 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Garmin by 29.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 14,430 shares of the scientific and technical instruments company’s stock valued at $736,000 after acquiring an additional 3,260 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Garmin by 1.0% in the second quarter. Great West Life Assurance Co. Can now owns 84,458 shares of the scientific and technical instruments company’s stock valued at $4,305,000 after acquiring an additional 849 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings 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 valued at $36,874,000 after acquiring an additional 24,777 shares in the last quarter. Hedge funds and other institutional investors own 39.37% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Garmin (GRMN) Rating Reiterated by Credit Suisse Group” was originally published by Week Herald and is owned by of Week Herald. If you are reading this article on another website, it was stolen and republished in violation of US & international trademark & copyright legislation. The legal version of this article can be viewed at https://weekherald.com/2017/12/14/garmin-grmn-rating-reiterated-by-credit-suisse-group.html.

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)

Receive News & Ratings for Garmin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Garmin and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply