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Garmin Ltd. , headquartered in Schaffhausen, Switzerland, is a global leader in GPS technology and wearable devices, offering a wide range of products and services for aviation, automotive, marine, fitness, and outdoor markets. With a market cap of $33.16 billion, Garmin plays a pivotal role in delivering innovative and reliable navigation, communication, and fitness solutions to customers worldwide, enhancing safety, performance, and convenience across various industries.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Garmin exemplifies this status, highlighting its substantial scale, stability, and influence in the GPS technology and wearable devices market. As a global leader in navigation and fitness solutions, Garmin’s large-cap standing reflects its diverse portfolio of innovative products across aviation, automotive, marine, and outdoor sectors, supporting enhanced performance and safety for consumers and industries worldwide.
GRMN shares are trading 6.4% below their 52-week high of $184.42, which they hit on Sep. 9. The stock has gained 8.2% over the past three months, outperforming the broader S&P 500 Index ($SPX), which has gained 3.7% over the same time frame.
In the longer term, GRMN is up 34.3% on a YTD basis, and the shares have gained 62.7% over the past 52 weeks. In comparison, the SPX has gained 18.1% in 2024 and rallied 26.6% over the past year.
To confirm its bullish trend, GRMN has been trading above its 50-day moving average since early August and the 200-day moving average since late October last year.
On Jul. 31, GRMN shares closed down more than 4% after reporting its Q2 earnings results. Its revenue stood at $1.5 billion, up 14.1% year over year. Its adjusted EPS of $1.58 surpassed Wall Street estimates of $1.41. The company adjusted its full-year guidance and expects revenue to be $6 billion. On Sep. 13, Garmin's stock dropped 6.1% after Barclays downgraded it to "sell" and reduced its price target from $181 to $133.
Highlighting the contrast in performance, GRMN's competitor, Motorola Solutions, Inc. , has outperformed both the stock and the broader index. MSI has gained 41.6% on a YTD basis.
Despite the stock's strong recent price performance, analysts are cautious about GRMN's prospects. The stock has a consensus rating of "Hold" from six analysts in coverage. The mean price target is $173.20, which suggests a marginal premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
On CNBC's “Mad Money Lightning Round,” Jim Cramer said Federated Hermes Inc is an investment management company that he does not know well.
On Sept. 5, Evercore ISI Group analyst John Dunn maintained Federated Hermes with an Outperform and lowered the price target from $37 to $36.
Motorola Solutions, Inc. is a “company that does two-way radios, it does bar codes, it does lots of government infrastructure, and it just coins money,” he said.
On Sept. 3, Jefferies analyst George Notter maintained Motorola Solutions with a Buy and raised the price target from $460 to $510.
Cramer said Gerdau S.A. is a company that he doesn't really care for. “If you want steel, you do Nucor ,” he added.
Gerdau is considered the largest producer of long steel in the Americas, while Nucor is the largest steel producer in the U.S.
On Aug. 1, Gerdau posted second-quarter sales of R$16.616 billion down from R$18.265 billion in the year-ago period. Its adjusted net income fell to R$945 million from R$2.143 billion.
Domino’s Pizza, Inc. itself did “screw up,” Cramer said, “They didn't know that they had a weak franchise that was missing its numbers from overseas, and that caused people to think that, wait a second, maybe they're not as in control of their destiny as we thought. And that's why the stock's going down, and that is an actual worry for me too.”
On Sept. 12, Baird analyst David Tarantino maintained Domino’s Pizza with an Outperform and lowered the price target from $580 to $535.
Price Action:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Read More:
Latest Ratings for ORCL
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | B of A Securities | Maintains | Neutral | |
Mar 2022 | BMO Capital | Maintains | Market Perform | |
Mar 2022 | Piper Sandler | Downgrades | Neutral | Underweight |
View More Analyst Ratings for ORCL
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investors interested in stocks from the Electronics - Miscellaneous Products sector have probably already heard of Hayward Holdings, Inc. (HAYW) and Garmin (GRMN). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Currently, Hayward Holdings, Inc. has a Zacks Rank of #2 (Buy), while Garmin has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that HAYW is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
HAYW currently has a forward P/E ratio of 22.30, while GRMN has a forward P/E of 30.21. We also note that HAYW has a PEG ratio of 2.16. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. GRMN currently has a PEG ratio of 3.16.
Another notable valuation metric for HAYW is its P/B ratio of 2.17. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, GRMN has a P/B of 5.01.
Based on these metrics and many more, HAYW holds a Value grade of B, while GRMN has a Value grade of D.
HAYW sticks out from GRMN in both our Zacks Rank and Style Scores models, so value investors will likely feel that HAYW is the better option right now.
Zacks Investment Research
The S&P 500 Index today is up by +0.59%, the Dow Jones Industrials Index is up by +0.81%, and the Nasdaq 100 Index is up by +0.42%.
Stocks today are moderately higher, with the S&P 500 and the Nasdaq 100 posting 2-week highs and the Dow Jones Industrials posting a 1-1/2 week high. Strength in chip stocks today is lifting the overall market. Also, a decline in bond yields today supports stocks on dovish comments from former New York Fed President Dudley, who said there’s “a strong case for a 50 bp rate cut” at next week’s FOMC meeting. Signs of easing price pressures are also bullish for bonds and stocks after today’s news showed the US Aug import price index ex-petroleum unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase. Stocks extended their gains after the University of Michigan US Sep consumer sentiment index rose more than expected to a 4-month high, supporting the prospects for a soft landing.
The University of Michigan US Sep consumer sentiment index rose +1.1 to a 4-month high of 69.0, stronger than expectations of 68.5.
News on inflation expectations was mixed. The University of Michigan US Sep 1-year inflation expectations unexpectedly eased to a 3-3/4 year low of 2.7% from 2.8% in Aug. However, the Sep 5-10 year inflation expectations unexpectedly rose to a 10-month high of 3.1% from 3.0% in Aug.
Corporate news today is mixed for stocks. On the positive side, Uber Technologies is up more than +5% on the news it will be the sole supplier of driverless rides on Alphabet’s Waymo cars in Austin and Atlanta. Also, RH is up more than +22% and is boosting online retailers after reporting better-than-expected Q2 adjusted EPS. On the negative side, Adobe is down more than -8% after forecasting weaker-than-expected Q4 revenue. Also, Boeing is down -0.47% after the company’s workers in Seattle walked off the job for the first time since 2008.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 49% for a -50 bp rate cut at that meeting.
Overseas stock markets today settled mixed. The Euro Stoxx 50 rose to a 1-week high and is up +0.74%. China's Shanghai Composite fell to a 7-1/4 month low and closed down -0.48%. Japan's Nikkei Stock 225 closed down by +0.68%.
Interest Rates
December 10-year T-notes (ZNZ24) today are up +3 ticks. The 10-year T-note yield is down -1.3 bp to 3.661%. Dec T-notes are climbing today on dovish comments from former New Tork Fed President Dudley, who said “there’s a strong case for a 50 bp rate cut” at next week’s FOMC meeting. T-notes also found support after the Aug import price index ex-petroleum unexpectedly fell, a dovish factor for Fed policy. In addition, short covering is propping up T-notes as bond dealers cover short hedges put on during this week’s $119 billion Treasury auction slate of T-notes and T-bonds.
T-note prices fell back from their bet levels after the University of Michigan US Sep consumer sentiment index rose more than expected to a 4-month high. Also, an increase in inflation expectations undercut T-notes after the 10-year breakeven inflation rate rose to a 1-week high today at 2.089%.
European government bond yields today are mixed. The 10-year German bund yield is up +0.2 bp to 2.153%. The 10-year UK gilt is down -0.7 bp to 3.774%.
Eurozone Jul industrial production fell -0.3% m/m, right on expectations.
ECB President Lagarde said she is open to considering an interest rate cut in October if the Eurozone economy suffers a major setback, but a cut at the December ECB meeting is more likely as we will have more comprehensive information available on the economy by then.
ECB Governing Council member Holzmann said the October ECB meeting might not be the time for another rate cut, but there could be room for another rate cut at the December meeting.
ECB Governing Council member Kazaks said a slump in the Eurozone economy would be required for the ECB to cut interest rates at its next meeting in October.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 47% for the October 17 meeting.
US Stock Movers
Chip stocks are climbing today to support gains in the broader market. Micron Technology is up more than +4%, and ON Semiconductor is up more than +3%. Also, Applied Materials , Microchip Technology , and Lam Research are up more than +2%. In addition, KLA Corp , Texas Instruments GlobalFoundries , NXP Semiconductors NV , and Intel are up more than +1%.
Uber Technologies is up more than +6% on news it will be the sole supplier of driverless rides on Alphabet’s Waymo cars in Austin and Atlanta that will begin next year.
ARM Holdings Plc is up more than +6% after Raymond James initiated coverage on the stock with a recommendation of outperform and a price target of $160.
Oracle is up more than +3% after raising its 2026 sales outlook to $66 billion from $65 billion, above the consensus of $64.5 billion, and forecasting annual revenue will climb to at least $104 billion in fiscal 2029.
RH is up more than +22% after reporting Q2 adjusted EPS of $1.69, stronger than the consensus of $1.60. Also, Wayfair is up more than +10%, and Etsy is up more than +8% to lead gainers in the S&P 500 on the news.
Summit Therapeutics is up more than +11%, adding to Thursday’s 20% surge after it raised $235 million from investors in a private placement on the heels of promising late-stage trial data from its lung cancer drug ivonescimab.
Vistra Corp is up more than +3% after Jeffries named the stock its top pick in the power sector with a buy recommendation and a price target of $99.
GE Vernova is up more than +4% after BMO Capital Markets initiated coverage on the stock with a recommendation of outperform and a price target of $245.
SL Green Realty is up more than +2% after Citigroup upgraded the stock to neutral from sell.
Adobe is down more than -8% to lead losers in the S&P 500 and Nasdaq 100 after forecasting Q4 revenue of $5.50 billion-$5.55 billion, below the consensus of $5.60 billion.
Boeing is down -0.47% to lead losers in the Dow Jones Industrials after the company’s workers in Seattle walked off the job for the first time since 2008.
Moderna is down more than -3%, adding to Thursday’s -12% plunge after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $70.
Garmin Ltd is down more than -7% after Barclays downgraded the stock to underweight from equal weight with a price target of $133.
GE Healthcare is down more than -1% after holder Morgan Stanley offered 10 million shares in a secondary underwritten public offering.
Axon Enterprise is down more than -1% on signs of insider selling after an SEC filing showed CFO Bagley sold $1.64 million of shares on Thursday.
Earnings Reports (9/13/2024)
Dakota Gold Corp (DC), Selectquote Inc (SLQT), Spire Global Inc (SPIR).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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