Garmin Ltd. (GRMN) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS
Garmin Ltd. (NASDAQ:GRMN) announced its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09, RTT News reports. The business had revenue of $743.00 million for the quarter, compared to analyst estimates of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. Garmin’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 EPS. Garmin updated its FY17 guidance to ~$2.90 EPS.
In other Garmin news, insider Clifton A. Pemble sold 38,302 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $60.00, for a total value of $2,298,120.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Jonathan Burrell sold 232,000 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $51.36, for a total value of $11,915,520.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,020,735 shares of company stock worth $53,154,152. Company insiders own 18.30% of the company’s stock.
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Several brokerages recently commented on GRMN. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Thursday. Morgan Stanley boosted their price target on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research note on Wednesday. BidaskClub lowered Garmin from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Longbow Research reaffirmed a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.33.
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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