Wall Street analysts expect that Garmin Ltd. (NASDAQ:GRMN) will announce $872.46 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Garmin’s earnings, with estimates ranging from $868.26 million to $879.30 million. Garmin posted sales of $860.77 million during the same quarter last year, which suggests a positive year-over-year growth rate of 1.4%. The firm is expected to report its next quarterly earnings results on Wednesday, February 28th.
According to Zacks, analysts expect that Garmin will report full year sales of $872.46 million for the current fiscal year, with estimates ranging from $3.07 billion to $3.08 billion. For the next fiscal year, analysts expect that the business will report sales of $3.12 billion per share, with estimates ranging from $3.11 billion to $3.14 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.09. Garmin had a return on equity of 16.60% and a net margin of 19.84%. The company had revenue of $743.00 million for the quarter, compared to analyst estimates of $722.00 million. During the same period in the prior year, the company posted $0.75 EPS. The company’s revenue was up 2.9% compared to the same quarter last year.
Several brokerages have recently commented on GRMN. Morgan Stanley set a $50.00 target price on Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. BidaskClub downgraded Garmin from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, KeyCorp reissued a “hold” rating on shares of Garmin in a report on Wednesday, November 1st. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $56.33.
In other news, major shareholder Jonathan Burrell sold 127,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $52.25, for a total value of $6,635,750.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Andrew R. Etkind sold 2,189 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $52.00, for a total value of $113,828.00. The disclosure for this sale can be found here. Insiders sold a total of 1,322,101 shares of company stock worth $75,219,801 over the last three months. 18.30% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Thrivent Financial For Lutherans lifted its holdings in Garmin by 2.4% during the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System lifted its holdings in Garmin by 0.3% during the 2nd quarter. Arizona State Retirement System now owns 38,429 shares of the scientific and technical instruments company’s stock worth $1,961,000 after buying an additional 100 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in Garmin by 3.3% during the 2nd quarter. Wedbush Securities Inc. now owns 4,867 shares of the scientific and technical instruments company’s stock worth $248,000 after buying an additional 156 shares in the last quarter. US Bancorp DE lifted its holdings in Garmin by 8.8% during the 2nd quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after buying an additional 180 shares in the last quarter. Finally, WFG Advisors LP lifted its holdings in Garmin by 11.5% during the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after buying an additional 225 shares in the last quarter. 39.37% of the stock is currently owned by hedge funds and other institutional investors.
Garmin (NASDAQ GRMN) traded down $0.09 during mid-day trading on Tuesday, hitting $61.70. The stock had a trading volume of 562,600 shares, compared to its average volume of 1,112,392. Garmin has a 52 week low of $47.03 and a 52 week high of $62.61. The company has a market cap of $12,239.20, a price-to-earnings ratio of 21.45, a P/E/G ratio of 2.55 and a beta of 0.81.
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Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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