Bank of America Downgrades Garmin (NYSE:GRMN) to Neutral

Garmin (NYSE:GRMNGet Rating) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. They presently have a $109.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $137.00. Bank of America‘s price objective indicates a potential upside of 11.43% from the stock’s previous close.

GRMN has been the topic of several other reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Garmin from $160.00 to $150.00 in a research report on Thursday, April 28th. Tigress Financial upped their target price on shares of Garmin from $205.00 to $208.00 in a report on Friday, May 6th. TheStreet lowered shares of Garmin from a “b” rating to a “c+” rating in a report on Wednesday, July 27th. JPMorgan Chase & Co. reduced their target price on shares of Garmin from $140.00 to $120.00 and set a “maintains” rating on the stock in a report on Thursday, July 28th. Finally, Morgan Stanley restated a “maintains” rating and issued a $96.00 target price (down from $115.00) on shares of Garmin in a report on Thursday, July 28th. One research analyst has rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $136.60.

Garmin Stock Up 1.4 %

Garmin stock opened at $97.82 on Tuesday. Garmin has a 52 week low of $92.31 and a 52 week high of $178.80. The firm’s 50-day simple moving average is $100.47 and its 200 day simple moving average is $109.46. The firm has a market capitalization of $18.87 billion, a PE ratio of 18.67, a P/E/G ratio of 3.59 and a beta of 0.95.

Garmin (NYSE:GRMNGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.42 by $0.02. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the firm earned $1.68 EPS. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, research analysts expect that Garmin will post 4.89 EPS for the current fiscal year.

Insider Activity

In other news, CEO Clifton A. Pemble sold 16,089 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the completion of the transaction, the chief executive officer now owns 145,500 shares of the company’s stock, valued at approximately $14,231,355. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 21.39% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Riverview Trust Co acquired a new position in shares of Garmin during the 1st quarter valued at $26,000. Clear Street Markets LLC lifted its holdings in shares of Garmin by 403.2% during the 2nd quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company’s stock valued at $31,000 after acquiring an additional 254 shares in the last quarter. HWG Holdings LP acquired a new position in shares of Garmin during the 4th quarter valued at $35,000. Tradewinds Capital Management LLC lifted its holdings in shares of Garmin by 100.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 300 shares of the scientific and technical instruments company’s stock valued at $41,000 after acquiring an additional 150 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Garmin during the 1st quarter valued at $45,000. Hedge funds and other institutional investors own 72.11% of the company’s stock.

About Garmin

(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.

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