Garmin Ltd. (GRMN) Posts Large Volume Increase, Hits $33.41

Written By Unknown on Senin, 04 April 2011 | 17.54

Shares of Garmin Ltd. (GRMN) saw unusually high trading volume on Monday. Approximately 1,134,901 shares changed hands during mid-day trading, an increase of 0.44% from the previous session. The stock last traded at $33.41.

Separately, analysts at Wedbush raised their price target on shares of Garmin Ltd. from $28.00 to $30.00 in a research note to investors on Thursday, February 24th. They now have a “neutral” rating on the stock. Also, analysts at RBC Capital (NYSE: RY) cut their price target on shares of Garmin Ltd. from $36.00 to $33.00 in a research note to investors on Thursday, February 24th. They now have a “sector perform” rating on the stock.

Garmin Ltd. (Garmin) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. The Company designs, develops, manufactures and markets a range of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor/fitness, marine and general aviation markets. The Company operates in four segments: Marine, Automotive/Mobile, Outdoor/Fitness and Aviation. In September 2010, the Company acquired MetriGear, Inc. In October 2010, the Company acquired Belanor AS.

Shares of Garmin Ltd. traded down 1.01% during mid-day trading on Monday, hitting $33.41. Garmin Ltd. has a 52 week low of $26.11 and a 52 week high of $39.43. The stock’s 50-day moving average is $33.55 and its 200-day moving average is $31.4. The company has a market cap of $6.494 billion and a price-to-earnings ratio of 11.44.

Garmin Ltd. last announced its quarterly results on Wednesday, February 23rd. The company reported $0.83 earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of $0.88 EPS by $0.05. During the same quarter in the prior year, the company posted $1.43 earnings per share. The company’s quarterly revenue was down 20.9% on a year-over-year basis. On average, analysts predict that Garmin Ltd. will post $0.65 EPS next quarter.

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