Q3 2017 EPS Estimates for Garmin Ltd. (GRMN) Lifted by Analyst
Garmin Ltd. (NASDAQ:GRMN) – Analysts at Dougherty & Co raised their Q3 2017 EPS estimates for Garmin in a note issued to investors on Thursday. Dougherty & Co analyst C. Anderson now anticipates that the scientific and technical instruments company will post earnings of $0.67 per share for the quarter, up from their previous estimate of $0.62.
GRMN has been the subject of several other research reports. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a report on Monday, July 31st. BidaskClub downgraded shares of Garmin from a “sell” rating to a “strong sell” rating in a report on Friday, August 4th. Longbow Research raised shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial initiated coverage on shares of Garmin in a report on Tuesday, May 2nd. They issued a “buy” rating for the company. Finally, J P Morgan Chase & Co downgraded shares of Garmin from a “neutral” rating to an “underweight” rating and cut their price target for the company from $55.00 to $50.00 in a report on Thursday, May 4th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $51.21.
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Shares of Garmin (NASDAQ:GRMN) opened at 51.17 on Monday. The stock has a market capitalization of $9.60 billion, a P/E ratio of 14.38 and a beta of 0.86. Garmin has a 12 month low of $46.05 and a 12 month high of $55.74. The firm has a 50 day moving average of $51.31 and a 200-day moving average of $51.24.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.07. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The company had revenue of $816.89 million for the quarter, compared to the consensus estimate of $806.67 million. During the same period in the prior year, the firm posted $0.87 EPS. The company’s quarterly revenue was up .7% compared to the same quarter last year.
Hedge funds have recently bought and sold shares of the company. WFG Advisors LP increased its stake in Garmin by 11.5% in the second 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 last quarter. Toronto Dominion Bank increased its stake in Garmin by 25.6% in the second 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 last quarter. Cetera Investment Advisers bought a new stake in Garmin during the second quarter valued at about $562,000. Dynamic Technology Lab Private Ltd bought a new stake in Garmin during the second quarter valued at about $376,000. Finally, Disciplined Growth Investors Inc. MN increased its stake in Garmin by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after buying an additional 8,210 shares during the last quarter. Hedge funds and other institutional investors own 42.88% of the company’s stock.
In other Garmin news, insider Sean Biddlecombe sold 1,697 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.83, for a total transaction of $87,955.51. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Jonathan Burrell sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $52.11, for a total value of $10,422,000.00. The disclosure for this sale can be found here. Insiders sold a total of 633,697 shares of company stock valued at $32,894,476 over the last three months. 18.30% of the stock is owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Thursday, September 14th. Garmin’s payout ratio is 57.46%.
Garmin Company Profile
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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