Garmin (NYSE:GRMN) Downgraded by Bank of America

Bank of America downgraded shares of Garmin (NYSE:GRMNGet Rating) from a buy rating to a neutral rating in a research note released on Tuesday, Marketbeat reports. Bank of America currently has $109.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $137.00.

Several other equities research analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Garmin from $160.00 to $150.00 in a report on Thursday, April 28th. TheStreet cut Garmin from a b rating to a c+ rating in a report on Wednesday, July 27th. Tigress Financial raised their price objective on Garmin from $205.00 to $208.00 in a report on Friday, May 6th. Finally, Morgan Stanley decreased 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 issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $134.75.

Garmin Stock Performance

Garmin stock opened at $97.60 on Tuesday. The stock has a fifty day moving average of $100.21 and a two-hundred day moving average of $108.97. The company has a market capitalization of $18.82 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 3.57 and a beta of 0.95. Garmin has a fifty-two week low of $92.31 and a fifty-two week high of $178.80.

Garmin (NYSE:GRMNGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.37 billion. Garmin had a return on equity of 17.71% and a net margin of 20.31%. Garmin’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.68 earnings per share. On average, analysts forecast that Garmin will post 4.9 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Tuesday, March 14th. Garmin’s payout ratio is currently 55.73%.

Insider Activity at Garmin

In related news, CEO Clifton A. Pemble sold 16,089 shares of Garmin stock in a transaction on Monday, August 1st. The stock was sold at an average price of $97.81, for a total value of $1,573,665.09. Following the transaction, the chief executive officer now owns 145,500 shares in the company, valued at $14,231,355. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GRMN. Bessemer Group Inc. lifted its stake in shares of Garmin by 25.0% during the fourth quarter. Bessemer Group Inc. now owns 919 shares of the scientific and technical instruments company’s stock worth $125,000 after purchasing an additional 184 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Garmin during the fourth quarter worth about $2,822,000. Commonwealth Equity Services LLC increased its position in shares of Garmin by 6.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 22,139 shares of the scientific and technical instruments company’s stock worth $3,014,000 after acquiring an additional 1,418 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Garmin by 2.6% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 88,799 shares of the scientific and technical instruments company’s stock worth $12,092,000 after acquiring an additional 2,212 shares during the last quarter. Finally, Yousif Capital Management LLC purchased a new stake in shares of Garmin during the fourth quarter worth about $3,115,000. Institutional investors and hedge funds 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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