Garmin (NYSE:GRMN – Get Rating) posted its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01, MarketWatch Earnings reports. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Garmin had a net margin of 21.72% and a return on equity of 19.31%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company posted $1.18 earnings per share. Garmin updated its FY22 guidance to $5.90 EPS.
Shares of NYSE GRMN traded down $0.73 during trading hours on Wednesday, hitting $109.27. The company’s stock had a trading volume of 26,557 shares, compared to its average volume of 1,218,839. Garmin has a 12 month low of $106.66 and a 12 month high of $178.80. The business has a 50-day simple moving average of $113.68 and a 200-day simple moving average of $129.03. The stock has a market cap of $21.07 billion, a price-to-earnings ratio of 19.50, a P/E/G ratio of 2.77 and a beta of 1.02.
Institutional investors and hedge funds have recently modified their holdings of the business. Forum Financial Management LP purchased a new position in Garmin in the 4th quarter worth approximately $231,000. Autumn Glory Partners LLC bought a new stake in Garmin in the 4th quarter worth approximately $526,000. Kingsview Wealth Management LLC bought a new stake in Garmin in the 4th quarter worth approximately $765,000. Integrated Wealth Concepts LLC grew its position in Garmin by 1.7% in the 4th quarter. Integrated Wealth Concepts LLC now owns 6,931 shares of the scientific and technical instruments company’s stock worth $944,000 after purchasing an additional 113 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in shares of Garmin by 8.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 34,093 shares of the scientific and technical instruments company’s stock valued at $4,642,000 after acquiring an additional 2,547 shares during the period. Institutional investors and hedge funds own 72.45% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Garmin from $141.00 to $127.00 and set an “equal weight” rating for the company in a report on Thursday, February 17th. Deutsche Bank Aktiengesellschaft raised shares of Garmin from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $148.00 to $160.00 in a research report on Wednesday, January 5th. Bank of America raised shares of Garmin from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $165.00 to $140.00 in a research report on Friday, March 18th. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating and set a $119.00 price target on the stock. in a research report on Friday, February 18th. Finally, Tigress Financial boosted their price target on shares of Garmin from $202.00 to $205.00 in a research report on Friday, February 25th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $148.50.
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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