Garmin Ltd. (GRMN) is Downgraded by Raymond James to Mkt Perform

Garmin Ltd. (GRMN) was Downgraded by Raymond James to ” Mkt Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Raymond James advised their investors in a research report released on Aug 22, 2016.

Many Wall Street Analysts have commented on Garmin Ltd.. Garmin Ltd. was Initiated by Longbow to “Neutral” on Aug 17, 2016. Garmin Ltd. was Downgraded by BofA/Merrill to ” Underperform” on Aug 4, 2016. 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 -0.44 points or -0.80% at $54.38 with 8,68,791 shares getting traded on Friday. Post opening the session at $54.66, the shares hit an intraday low of $54.21 and an intraday high of $54.76 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Aug 19, 2016, Sean Biddlecombe (Managing Director, EMEA) sold 425 shares at $54.52 per share price. According to the SEC, on Aug 16, 2016, Philip Straub (VP, Man. Director – Aviation) sold 1,084 shares at $55.36 per share price. On Aug 8, 2016, Clifton A Pemble (President and CEO) sold 1,429 shares at $55.00 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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