Brokerages Anticipate Garmin Ltd. (GRMN) to Post $0.66 Earnings Per Share
Brokerages forecast that Garmin Ltd. (NASDAQ:GRMN) will post earnings of $0.66 per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Garmin’s earnings, with the lowest EPS estimate coming in at $0.62 and the highest estimate coming in at $0.71. Garmin posted earnings of $0.75 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 12%. The firm is scheduled to report its next earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Garmin will report full year earnings of $2.79 per share for the current year, with EPS estimates ranging from $2.70 to $2.85. For the next year, analysts forecast that the firm will report earnings of $2.84 per share, with EPS estimates ranging from $2.75 to $2.92. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. The firm had revenue of $816.89 million for the quarter, compared to analysts’ expectations of $806.67 million. Garmin had a net margin of 22.07% and a return on equity of 15.55%. The business’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.87 EPS.
A number of research firms have weighed in on GRMN. BidaskClub upgraded shares of Garmin from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 22nd. Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Longbow Research reiterated a “buy” rating on shares of Garmin in a research note on Thursday, August 3rd. Morgan Stanley set a $50.00 target price on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Tigress Financial reiterated a “buy” rating on shares of Garmin in a research note on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Garmin has a consensus rating of “Hold” and an average target price of $53.50.
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In related news, major shareholder Jonathan Burrell sold 231,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $51.20, for a total transaction of $11,852,800.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Andrew R. Etkind sold 2,189 shares of the company’s 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 disclosure for this sale can be found here. Insiders have sold a total of 467,386 shares of company stock worth $23,970,104 over the last 90 days. 18.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Achmea Investment Management B.V. lifted its stake in shares of Garmin by 63.9% during the 2nd quarter. Achmea Investment Management B.V. now owns 45,081 shares of the scientific and technical instruments company’s stock valued at $2,296,000 after buying an additional 17,584 shares in the last quarter. WFG Advisors LP lifted its stake in shares of Garmin by 11.5% during the 2nd 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 in the last quarter. Toronto Dominion Bank lifted its stake in shares of Garmin by 25.6% during the 2nd 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 in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Garmin during the 2nd quarter valued at approximately $562,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Garmin during the 2nd quarter valued at approximately $376,000. Institutional investors own 39.79% of the company’s stock.
Garmin (GRMN) opened at 52.26 on Monday. Garmin has a 12-month low of $46.05 and a 12-month high of $55.74. The company has a market capitalization of $9.81 billion, a PE ratio of 14.68 and a beta of 0.85. The firm has a 50-day moving average of $51.69 and a 200 day moving average of $51.44.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend is Thursday, September 14th. Garmin’s payout ratio is currently 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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