Garmin Ltd. (GRMN) Updates FY17 Earnings Guidance
Garmin Ltd. (NASDAQ:GRMN) issued an update on its FY17 earnings guidance on Wednesday morning. The company provided EPS guidance of ~$2.90 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.81. The company issued revenue guidance of ~$3.07 billion, compared to the consensus revenue estimate of $3.04 billion.
Garmin (NASDAQ:GRMN) last posted 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. The firm had revenue of $743.00 million during the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.75 EPS.
Several research firms have weighed in on GRMN. Longbow Research upgraded shares of Garmin from a neutral rating to a buy rating and set a $60.00 price objective for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub cut shares of Garmin from a hold rating to a sell rating in a research report on Friday, July 28th. Zacks Investment Research cut shares of Garmin from a buy rating to a hold rating in a research report on Tuesday, October 17th. Morgan Stanley raised their price objective on shares of Garmin from $52.00 to $57.00 and gave the company an equal weight rating in a research report on Thursday. Finally, KeyCorp restated a hold rating on shares of Garmin in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Garmin currently has an average rating of Hold and an average target price of $56.33.
In related news, VP Andrew R. Etkind sold 2,189 shares of Garmin stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total transaction of $113,828.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sean Biddlecombe sold 1,697 shares of Garmin stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The disclosure for this sale can be found here. In the last quarter, insiders have sold 984,130 shares of company stock valued at $50,943,988. 18.30% of the stock is owned by corporate insiders.
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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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