Garmin (NYSE:GRMN – Get Free Report) released its earnings results on Wednesday. The scientific and technical instruments company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12, Briefing.com reports. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Garmin had a net margin of 20.60% and a return on equity of 16.00%. Garmin’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the business earned $1.24 EPS. Garmin updated its FY23 guidance to $5.25 EPS.
Garmin Stock Up 1.6 %
NYSE:GRMN traded up $1.81 on Friday, reaching $116.26. 82,096 shares of the company’s stock were exchanged, compared to its average volume of 810,516. The firm has a market capitalization of $22.26 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 3.86 and a beta of 0.90. Garmin has a 52-week low of $84.25 and a 52-week high of $116.32. The business has a fifty day moving average of $105.21 and a 200-day moving average of $104.45.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. Barclays increased their price target on shares of Garmin from $113.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday. JPMorgan Chase & Co. raised their price objective on Garmin from $118.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday. StockNews.com began coverage on shares of Garmin in a report on Thursday, October 5th. They set a “hold” rating for the company. Tigress Financial reiterated a “strong-buy” rating and issued a $165.00 price objective on shares of Garmin in a report on Thursday, August 10th. Finally, Bank of America upped their price target on Garmin from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Tuesday, August 8th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Garmin has a consensus rating of “Hold” and an average target price of $127.80.
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Insider Activity
In other news, insider Cheng-Wei Wang sold 4,794 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $105.62, for a total value of $506,342.28. Following the sale, the insider now directly owns 44,808 shares in the company, valued at $4,732,620.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.89% of the company’s stock.
Institutional Trading of Garmin
Several institutional investors have recently modified their holdings of GRMN. Clear Street Markets LLC grew its stake in Garmin by 107.1% during the 1st quarter. Clear Street Markets LLC now owns 321 shares of the scientific and technical instruments company’s stock worth $32,000 after buying an additional 166 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in Garmin during the fourth quarter worth about $53,000. Resurgent Financial Advisors LLC acquired a new stake in Garmin in the fourth quarter valued at about $54,000. Atlas Capital Advisors LLC boosted its holdings in Garmin by 297.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 668 shares of the scientific and technical instruments company’s stock valued at $66,000 after purchasing an additional 500 shares in the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in Garmin during the 2nd quarter worth approximately $115,000. Hedge funds and other institutional investors own 63.26% of the company’s stock.
Garmin Company Profile
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; fitness and cycling accessories.
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