Wall Street brokerages forecast that Garmin Ltd. (NASDAQ:GRMN) will report $998.62 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Garmin’s earnings, with the lowest sales estimate coming in at $997.90 million and the highest estimate coming in at $999.33 million. Garmin posted sales of $932.11 million in the same quarter last year, which suggests a positive year over year growth rate of 7.1%. The company is expected to issue its next quarterly earnings results on Wednesday, February 19th.
According to Zacks, analysts expect that Garmin will report full-year sales of $3.65 billion for the current fiscal year, with estimates ranging from $3.65 billion to $3.66 billion. For the next fiscal year, analysts forecast that the firm will report sales of $3.81 billion, with estimates ranging from $3.79 billion to $3.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Garmin.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.27 EPS for the quarter, topping the consensus estimate of $0.95 by $0.32. The company had revenue of $934.38 million for the quarter, compared to analyst estimates of $869.02 million. Garmin had a return on equity of 18.73% and a net margin of 21.79%. The firm’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 earnings per share.
GRMN has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on Garmin from $81.00 to $85.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Tigress Financial reissued a “buy” rating on shares of Garmin in a report on Wednesday, November 27th. Finally, BidaskClub raised Garmin from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $81.19.
In other news, Chairman Min H. Kao sold 254,517 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $94.88, for a total value of $24,148,572.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Min H. Kao sold 85,229 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $87.32, for a total value of $7,442,196.28. Following the completion of the transaction, the chairman now directly owns 1,644,429 shares in the company, valued at approximately $143,591,540.28. The disclosure for this sale can be found here. In the last three months, insiders sold 1,048,640 shares of company stock worth $97,210,169. Corporate insiders own 23.83% of the company’s stock.
Several institutional investors have recently bought and sold shares of GRMN. Pearl River Capital LLC purchased a new stake in shares of Garmin in the second quarter valued at approximately $31,000. HM Payson & Co. purchased a new stake in shares of Garmin in the second quarter valued at approximately $37,000. Quest Capital Management Inc. ADV purchased a new stake in shares of Garmin in the third quarter valued at approximately $38,000. Amica Retiree Medical Trust purchased a new stake in shares of Garmin in the second quarter valued at approximately $43,000. Finally, CSat Investment Advisory L.P. boosted its stake in shares of Garmin by 103.4% in the second quarter. CSat Investment Advisory L.P. now owns 708 shares of the scientific and technical instruments company’s stock valued at $56,000 after buying an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 45.56% of the company’s stock.
GRMN traded up $0.22 during trading on Friday, hitting $97.43. 528,315 shares of the stock were exchanged, compared to its average volume of 849,340. The firm has a market capitalization of $19.37 billion, a P/E ratio of 26.40, a PEG ratio of 3.20 and a beta of 0.91. Garmin has a 1-year low of $59.98 and a 1-year high of $98.76. The stock has a fifty day moving average price of $95.21 and a two-hundred day moving average price of $84.67. The company has a quick ratio of 1.93, a current ratio of 2.64 and a debt-to-equity ratio of 0.01.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Friday, March 13th. Garmin’s payout ratio is currently 61.79%.
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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