FY2017 Earnings Forecast for Garmin Ltd. Issued By KeyCorp (GRMN)
Garmin Ltd. (NASDAQ:GRMN) – Equities researchers at KeyCorp issued their FY2017 earnings per share estimates for shares of Garmin in a research note issued on Wednesday. KeyCorp analyst B. Erickson forecasts that the scientific and technical instruments company will post earnings of $2.80 per share for the year. KeyCorp also issued estimates for Garmin’s FY2018 earnings at $2.90 EPS.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The company had revenue of $816.89 million for the quarter, compared to analyst estimates of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The firm’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share.
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Several other analysts also recently commented on GRMN. BidaskClub downgraded shares of Garmin from a “sell” rating to a “strong sell” rating in a research report on Friday. Longbow Research reiterated a “buy” rating on shares of Garmin in a research report on Thursday. Morgan Stanley set a $50.00 price target on shares of Garmin and gave the company a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Monday, May 8th. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and an average target price of $51.21.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Garmin by 4,403.5% in the first quarter. BlackRock Inc. now owns 10,889,195 shares of the scientific and technical instruments company’s stock worth $556,544,000 after buying an additional 10,647,400 shares during the last quarter. State Street Corp boosted its stake in shares of Garmin by 4.2% in the first quarter. State Street Corp now owns 6,279,175 shares of the scientific and technical instruments company’s stock worth $320,928,000 after buying an additional 254,455 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Garmin by 117.9% in the second quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock worth $113,730,000 after buying an additional 1,205,778 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Garmin by 5.0% in the first quarter. Geode Capital Management LLC now owns 1,265,406 shares of the scientific and technical instruments company’s stock worth $64,594,000 after buying an additional 59,945 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Garmin by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,089,439 shares of the scientific and technical instruments company’s stock worth $55,680,000 after buying an additional 91,637 shares during the last quarter. 41.39% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Sean Biddlecombe sold 1,697 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.83, for a total transaction of $87,955.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jonathan Burrell sold 200,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total transaction of $10,422,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 401,697 shares of company stock worth $20,978,956. Corporate insiders own 18.30% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.93%. Garmin’s dividend payout ratio (DPR) is presently 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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