Garmin Ltd. (NYSE:GRMN – Get Rating) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 3,430,000 shares, an increase of 6.5% from the April 30th total of 3,220,000 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily trading volume, of 825,700 shares, the short-interest ratio is presently 4.2 days.
Garmin Stock Performance
Shares of GRMN stock opened at $103.14 on Thursday. Garmin has a 52-week low of $76.37 and a 52-week high of $108.32. The stock has a market cap of $19.73 billion, a price-to-earnings ratio of 20.63, a P/E/G ratio of 3.56 and a beta of 0.94. The firm has a fifty day moving average of $100.98 and a 200-day moving average of $98.41.
Garmin (NYSE:GRMN – Get Rating) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Garmin had a net margin of 19.94% and a return on equity of 15.98%. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the company posted $1.11 EPS. On average, sell-side analysts predict that Garmin will post 5.22 earnings per share for the current year.
Institutional Investors Weigh In On Garmin
Analysts Set New Price Targets
GRMN has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Garmin in a report on Thursday, May 18th. They issued a “hold” rating for the company. TheStreet raised shares of Garmin from a “c+” rating to a “b-” rating in a report on Monday, March 13th. Tigress Financial reissued a “strong-buy” rating and issued a $165.00 price target on shares of Garmin in a report on Friday, March 3rd. JPMorgan Chase & Co. increased their price target on shares of Garmin from $108.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, February 23rd. Finally, Morgan Stanley increased their price objective on shares of Garmin from $91.00 to $99.00 and gave the company an “equal weight” rating in a research note on Thursday, February 23rd. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $118.80.
Garmin Company Profile
Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.
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