Garmin Ltd. (GRMN) is Downgraded by BofA/Merrill to Underperform

Garmin Ltd. (GRMN) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Aug 4, 2016.

Many Wall Street Analysts have commented on Garmin Ltd.. Company shares were Upgraded by JP Morgan on Jul 28, 2016 to ” Neutral”, Firm has raised the Price Target to $ 47 from a previous price target of $38 .

On the company’s financial health, Garmin Ltd. reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.18 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.69. The company had revenue of $811.60 million for the quarter, compared to analysts expectations of $763.93 million. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS.

Garmin Ltd. closed down -0.89 points or -1.60% at $54.86 with 18,01,368 shares getting traded on Tusday. Post opening the session at $55.52, the shares hit an intraday low of $54.66 and an intraday high of $55.83 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

In a different news, on May 12, 2016, Pao-chang Huang (General Manager – Garmin Corp.) sold 7,200 shares at $40.68 per share price. According to the SEC, on Dec 16, 2015, Clifton A Pemble (President and CEO) sold 2,026 shares at $34.87 per share price. On Dec 8, 2015, Philip Straub (VP, Man. Director – Aviation) sold 1,914 shares at $37.92 per share price, according to the Form-4 filing with the securities and exchange commission.

Garmin Ltd. (Garmin) is a provider of navigation communications and information devices which are enabled by Global Positioning System (GPS) technology. The Company operates through five business segments: marine outdoor fitness automotive/mobile and aviation markets. It designs develops manufactures markets and distributes a family of hand-held wearable portable and fixed-mount GPS-enabled products and other navigation communications sensor-based and information products. It offers a range of automotive navigation products as well as a range of products and applications designed for the mobile GPS market. It offers a range of products designed for use in outdoor activities. It offers a range of products designed for use in fitness and activity tracking. Garmin offers a range of products designed for use in the recreational marine industry. Garmin’s aviation product line includes GPS-enabled navigation and electronic flight instrumentation systems (EFIS) among others.

Garmin Ltd.

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