Wall Street brokerages predict that Garmin Ltd. (NASDAQ:GRMN) will post $839.33 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Garmin’s earnings. The lowest sales estimate is $830.10 million and the highest is $851.70 million. Garmin reported sales of $816.89 million during the same quarter last year, which indicates a positive year over year growth rate of 2.7%. The business is expected to issue its next quarterly earnings report on Wednesday, August 1st.
On average, analysts expect that Garmin will report full year sales of $3.23 billion for the current year, with estimates ranging from $3.20 billion to $3.30 billion. For the next fiscal year, analysts forecast that the firm will post sales of $3.30 billion per share, with estimates ranging from $3.24 billion to $3.41 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, May 2nd. The scientific and technical instruments company reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.12. The company had revenue of $711.00 million during the quarter, compared to analyst estimates of $670.71 million. Garmin had a net margin of 18.57% and a return on equity of 15.66%. Garmin’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business earned $0.52 EPS.
Several research analysts recently issued reports on the stock. BidaskClub upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, February 8th. Robert W. Baird reiterated a “neutral” rating and issued a $60.00 price target (up from $57.00) on shares of Garmin in a research note on Thursday, February 22nd. ValuEngine lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Monday, March 12th. Finally, Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Garmin presently has a consensus rating of “Hold” and a consensus target price of $60.40.
Shares of Garmin stock opened at $59.74 on Friday. The stock has a market capitalization of $11.17 billion, a P/E ratio of 20.32, a price-to-earnings-growth ratio of 2.27 and a beta of 0.98. Garmin has a 1 year low of $59.05 and a 1 year high of $59.68.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 18th will be paid a dividend of $0.53 per share. This is a positive change from Garmin’s previous quarterly dividend of $0.51. This represents a $2.12 dividend on an annualized basis and a yield of 3.55%. Garmin’s dividend payout ratio (DPR) is currently 69.39%.
In other Garmin news, VP Andrew R. Etkind sold 1,929 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $60.61, for a total transaction of $116,916.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Min H. Kao sold 695,130 shares of the firm’s stock in a transaction dated Thursday, May 3rd. The shares were sold at an average price of $60.74, for a total transaction of $42,222,196.20. Following the sale, the insider now owns 8,053,783 shares of the company’s stock, valued at $489,186,779.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,691,034 shares of company stock valued at $160,925,924. 17.85% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Point72 Asia Hong Kong Ltd increased its stake in Garmin by 105.4% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock valued at $102,000 after purchasing an additional 891 shares in the last quarter. TLP Group LLC increased its stake in Garmin by 2,037.7% during the 1st quarter. TLP Group LLC now owns 3,463 shares of the scientific and technical instruments company’s stock valued at $204,000 after purchasing an additional 3,301 shares in the last quarter. Heartland Advisors Inc. bought a new stake in Garmin during the 4th quarter valued at about $208,000. Garrison Financial Corp bought a new stake in Garmin during the 4th quarter valued at about $211,000. Finally, Profund Advisors LLC bought a new stake in Garmin during the 1st quarter valued at about $218,000. Institutional investors and hedge funds own 41.17% of the company’s stock.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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