$718.44 Million in Sales Expected for Garmin Ltd. (GRMN) This Quarter
Equities research analysts predict that Garmin Ltd. (NASDAQ:GRMN) will announce sales of $718.44 million for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Garmin’s earnings. The lowest sales estimate is $706.54 million and the highest is $728.60 million. Garmin reported sales of $722.25 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.5%. The firm is expected to report its next earnings results before the market opens on Wednesday, November 1st.
On average, analysts expect that Garmin will report full year sales of $718.44 million for the current fiscal year, with estimates ranging from $3.01 billion to $3.05 billion. For the next year, analysts anticipate that the company will report sales of $3.05 billion per share, with estimates ranging from $2.99 billion to $3.09 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.07. The company 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 quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share.
Several equities research analysts have recently weighed in on GRMN shares. Tigress Financial reiterated a “buy” rating on shares of Garmin in a research report on Monday, July 10th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the stock a “hold” rating in a research report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of Garmin in a research report on Tuesday, August 8th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.80.
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Garmin (NASDAQ:GRMN) opened at 55.45 on Friday. The company has a market capitalization of $10.41 billion, a PE ratio of 15.58 and a beta of 0.86. Garmin has a 12 month low of $46.80 and a 12 month high of $55.74. The stock’s 50 day moving average is $53.37 and its 200-day moving average is $51.83.
In related news, insider Sean Biddlecombe sold 1,697 shares of the 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Jonathan Burrell sold 231,500 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total transaction of $11,852,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 984,130 shares of company stock worth $50,943,988. 18.30% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GRMN. Victory Capital Management Inc. boosted its stake in Garmin by 5.9% during the first quarter. Victory Capital Management Inc. now owns 9,790 shares of the scientific and technical instruments company’s stock worth $500,000 after acquiring an additional 545 shares in the last quarter. United Services Automobile Association boosted its stake in Garmin by 8.6% during the first quarter. United Services Automobile Association now owns 40,210 shares of the scientific and technical instruments company’s stock worth $2,055,000 after acquiring an additional 3,172 shares in the last quarter. Wellington Management Group LLP boosted its stake in Garmin by 5.6% during the first quarter. Wellington Management Group LLP now owns 25,282 shares of the scientific and technical instruments company’s stock worth $1,293,000 after acquiring an additional 1,352 shares in the last quarter. Teachers Advisors LLC boosted its stake in Garmin by 5.8% during the first quarter. Teachers Advisors LLC now owns 151,582 shares of the scientific and technical instruments company’s stock worth $7,747,000 after acquiring an additional 8,278 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Garmin by 0.3% during the first quarter. TIAA CREF Investment Management LLC now owns 337,252 shares of the scientific and technical instruments company’s stock worth $17,237,000 after acquiring an additional 916 shares in the last quarter. 39.59% of the stock is currently owned by institutional investors and hedge funds.
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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