Garmin Ltd. (NASDAQ:GRMN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Garmin is an OEM of GPS-based and other electronic devices. The company reported better-than-expected third quarter 2016 results with revenues and earnings surpassing our estimates. The results were driven by solid performance across marine, outdoor, fitness and aviation segments. 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.”
Garmin (NASDAQ:GRMN) traded up 0.36% on Tuesday, reaching $50.65. The company’s stock had a trading volume of 544,773 shares. The stock has a market cap of $9.54 billion, a P/E ratio of 18.91 and a beta of 0.88. Garmin has a one year low of $30.93 and a one year high of $56.19. The stock has a 50-day moving average of $50.76 and a 200-day moving average of $48.63.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.21. The firm had revenue of $722 million for the quarter, compared to the consensus estimate of $679.73 million. Garmin had a return on equity of 16.15% and a net margin of 17.24%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. On average, analysts predict that Garmin will post $2.68 EPS for the current fiscal year.
In other Garmin news, VP Andrew R. Etkind sold 2,116 shares of the stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $49.55, for a total value of $104,847.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 18.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of GRMN. D.A. Davidson & CO. purchased a new position in Garmin during the third quarter worth $233,000. Piedmont Investment Advisors LLC purchased a new position in Garmin during the third quarter worth $4,492,000. Quantitative Systematic Strategies LLC purchased a new position in Garmin during the third quarter worth $209,000. LPL Financial LLC increased its position in Garmin by 85.3% in the third quarter. LPL Financial LLC now owns 14,518 shares of the company’s stock worth $696,000 after buying an additional 6,684 shares in the last quarter. Finally, Credit Suisse AG increased its position in Garmin by 13.1% in the third quarter. Credit Suisse AG now owns 554,489 shares of the company’s stock worth $26,677,000 after buying an additional 64,294 shares in the last quarter. 36.87% of the stock is currently owned by institutional investors.
Garmin Company Profile
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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