Garmin Ltd. (NASDAQ:GRMN) Expected to Post Quarterly Sales of $1.15 Billion

Wall Street brokerages expect that Garmin Ltd. (NASDAQ:GRMN) will announce sales of $1.15 billion for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Garmin’s earnings. Garmin posted sales of $1.11 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 3.6%. The firm is scheduled to announce its next earnings results on Wednesday, October 27th.

On average, analysts expect that Garmin will report full-year sales of $4.94 billion for the current financial year, with estimates ranging from $4.93 billion to $4.95 billion. For the next fiscal year, analysts expect that the company will post sales of $5.31 billion, with estimates ranging from $5.21 billion to $5.46 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Garmin.

Garmin (NASDAQ:GRMN) last posted its earnings results on Wednesday, July 28th. The scientific and technical instruments company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.45. Garmin had a net margin of 24.36% and a return on equity of 21.68%.

Several research firms recently weighed in on GRMN. Deutsche Bank Aktiengesellschaft lifted their price objective on Garmin from $140.00 to $155.00 and gave the company a “hold” rating in a report on Thursday, July 29th. Zacks Investment Research boosted their price target on Garmin to $171.25 in a research note on Tuesday. Tigress Financial reiterated a “strong-buy” rating and issued a $198.00 target price (up previously from $174.00) on shares of Garmin in a research report on Wednesday, August 4th. Morgan Stanley upped their target price on Garmin from $138.00 to $147.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Finally, Bank of America lowered Garmin from a “buy” rating to a “neutral” rating and set a $155.00 price objective on the stock. in a research report on Tuesday, June 22nd. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $157.04.

In other news, CEO Clifton A. Pemble sold 2,333 shares of the stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $165.00, for a total transaction of $384,945.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sean Biddlecombe sold 405 shares of the firm’s stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $161.14, for a total value of $65,261.70. The disclosure for this sale can be found here. 21.39% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi bought a new position in Garmin during the second quarter valued at about $54,514,000. Macquarie Group Ltd. boosted its holdings in Garmin by 2,037.8% during the second quarter. Macquarie Group Ltd. now owns 359,090 shares of the scientific and technical instruments company’s stock valued at $51,939,000 after purchasing an additional 342,293 shares in the last quarter. Morgan Stanley raised its stake in shares of Garmin by 53.3% in the second quarter. Morgan Stanley now owns 838,762 shares of the scientific and technical instruments company’s stock valued at $121,319,000 after acquiring an additional 291,472 shares during the last quarter. Alliancebernstein L.P. raised its position in Garmin by 50.1% in the 1st quarter. Alliancebernstein L.P. now owns 816,777 shares of the scientific and technical instruments company’s stock worth $107,692,000 after purchasing an additional 272,796 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Garmin by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,002,694 shares of the scientific and technical instruments company’s stock worth $264,055,000 after acquiring an additional 237,424 shares during the period. Institutional investors own 51.64% of the company’s stock.

Shares of GRMN traded down $1.11 during trading hours on Tuesday, reaching $169.47. 597,264 shares of the company traded hands, compared to its average volume of 655,299. The firm has a market cap of $32.59 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 4.53 and a beta of 0.99. Garmin has a 12-month low of $91.84 and a 12-month high of $178.80. The stock’s fifty day moving average price is $163.16 and its 200 day moving average price is $146.33.

Garmin Company Profile

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronics such as cartography, Sounders, Radar, Autopilot Systems and Sailing.

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