Garmin Ltd. (GRMN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Garmin Ltd. (NASDAQ:GRMN) have been given an average rating of “Hold” by the thirteen ratings firms that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $48.78.

GRMN has been the topic of several recent research reports. Longbow Research restated a “buy” rating on shares of Garmin in a research report on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated a “market perform” rating on shares of Garmin in a research report on Tuesday. Goldman Sachs Group, Inc. (The) upped their price objective on Garmin from $52.00 to $54.00 and gave the stock a “neutral” rating in a research report on Thursday, May 4th. Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Finally, Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th.

Shares of Garmin (NASDAQ GRMN) traded down 0.16% during mid-day trading on Monday, hitting $51.21. 918,377 shares of the stock were exchanged. The stock has a market cap of $9.61 billion, a PE ratio of 14.39 and a beta of 0.86. The stock’s 50 day moving average is $51.24 and its 200-day moving average is $51.12. Garmin has a 12 month low of $46.05 and a 12 month high of $55.74.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. The firm had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. Garmin’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share. On average, analysts anticipate that Garmin will post $2.80 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.98%. Garmin’s dividend payout ratio (DPR) is 57.46%.

In other news, insider Sean Biddlecombe sold 1,697 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Jonathan Burrell sold 200,000 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $52.11, for a total value of $10,422,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 401,697 shares of company stock worth $20,978,956 in the last quarter. 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 the stock. BlackRock Inc. increased its position in Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock valued at $556,544,000 after buying an additional 10,647,400 shares in the last quarter. Bank of New York Mellon Corp increased its position 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 buying an additional 1,205,778 shares in the last quarter. Marshall Wace North America L.P. increased its position in Garmin by 3,623.9% in the second quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock valued at $37,343,000 after buying an additional 712,537 shares in the last quarter. Principal Financial Group Inc. increased its position in Garmin by 123.5% in the second quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock valued at $59,123,000 after buying an additional 640,133 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Garmin by 153.9% in the second quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock valued at $53,193,000 after buying an additional 631,827 shares in the last quarter. 41.39% of the stock is owned by hedge funds and other institutional investors.

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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.

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