Garmin Ltd. (GRMN) Expected to Post Quarterly Sales of $718.44 Million
Wall Street brokerages expect Garmin Ltd. (NASDAQ:GRMN) to post sales of $718.44 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Garmin’s earnings. The lowest sales estimate is $706.54 million and the highest is $728.60 million. Garmin posted sales of $722.25 million in the same quarter last year, which would indicate a negative year over year growth rate of 0.5%. The firm is expected to announce its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Garmin will report full-year sales of $718.44 million for the current year, with estimates ranging from $3.01 billion to $3.05 billion. For the next fiscal year, analysts forecast that the firm will report sales of $3.05 billion per share, with estimates ranging from $2.99 billion to $3.09 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. The firm had revenue of $816.89 million during the quarter, compared to the consensus estimate of $806.67 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the company earned $0.87 EPS.
Several equities research analysts recently issued reports on the stock. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub lowered shares of Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Finally, Morgan Stanley set a $50.00 price target on shares of Garmin and gave the stock a “hold” rating in a research note on Monday, July 31st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Garmin presently has a consensus rating of “Hold” and an average target price of $53.50.
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In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.83, for a total value of $87,955.51. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew R. Etkind sold 2,189 shares of the business’s stock in a transaction dated 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. Over the last ninety days, insiders have sold 978,183 shares of company stock worth $50,616,903. 18.30% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. W. E. Donoghue & Co. LLC acquired a new stake in shares of Garmin in the second quarter valued at about $15,800,000. Achmea Investment Management B.V. raised its holdings in shares of Garmin by 63.9% during the 2nd quarter. Achmea Investment Management B.V. now owns 45,081 shares of the scientific and technical instruments company’s stock valued at $2,296,000 after buying an additional 17,584 shares during the period. WFG Advisors LP raised its holdings in shares of 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 valued at $111,000 after buying an additional 225 shares during the period. Toronto Dominion Bank raised its holdings in shares of Garmin by 25.6% during the 2nd quarter. Toronto Dominion Bank now owns 39,022 shares of the scientific and technical instruments company’s stock valued at $1,991,000 after buying an additional 7,943 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in shares of Garmin during the 2nd quarter valued at about $562,000. 39.59% of the stock is owned by institutional investors.
Garmin (GRMN) traded down 0.398% on Monday, reaching $53.755. 314,175 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $51.82 and a 200-day moving average price of $51.44. Garmin has a 1-year low of $46.80 and a 1-year high of $55.74. The company has a market capitalization of $10.09 billion, a PE ratio of 15.104 and a beta of 0.86.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.51 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 3.78%. Garmin’s payout ratio is 57.46%.
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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