Garmin Ltd. (GRMN) Hits New 52-Week High After Better-Than-Expected Earnings

Garmin Ltd. (NASDAQ:GRMN)’s share price reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $59.17 and last traded at $59.10, with a volume of 1,756,218 shares changing hands. The stock had previously closed at $56.61.

The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. The business had revenue of $743.00 million for the quarter, compared to analyst estimates of $722.00 million. Garmin had a net margin of 22.65% and a return on equity of 15.23%. Garmin’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business posted $0.75 EPS.

Several research firms have issued reports on GRMN. Morgan Stanley raised their price target on shares of Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Thursday. KeyCorp restated a “hold” rating on shares of Garmin in a research report on Wednesday. BidaskClub upgraded shares of Garmin from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 22nd. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $56.33.

In related news, major shareholder Jonathan Burrell sold 231,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clifton A. Pemble sold 4,066 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $223,630.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 982,433 shares of company stock valued at $50,856,032. Insiders own 18.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of Garmin by 3.7% in the second quarter. BlackRock Inc. now owns 11,293,625 shares of the scientific and technical instruments company’s stock valued at $576,315,000 after buying an additional 404,430 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Garmin by 0.6% in the second quarter. Vanguard Group Inc. now owns 10,473,447 shares of the scientific and technical instruments company’s stock valued at $534,459,000 after buying an additional 59,138 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of 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 during the period. Disciplined Growth Investors Inc. MN boosted its holdings in shares of Garmin by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after buying an additional 8,210 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Garmin by 8.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,619,167 shares of the scientific and technical instruments company’s stock valued at $87,385,000 after buying an additional 123,324 shares during the period. Hedge funds and other institutional investors own 39.86% of the company’s stock.

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Garmin Company Profile

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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