KeyCorp Brokers Boost Earnings Estimates for Garmin Ltd. (GRMN)
Garmin Ltd. (NASDAQ:GRMN) – Equities researchers at KeyCorp boosted their FY2017 earnings per share (EPS) estimates for Garmin in a report issued on Wednesday. KeyCorp analyst B. Erickson now forecasts that the scientific and technical instruments company will post earnings per share of $2.90 for the year, up from their previous forecast of $2.80. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Garmin’s Q4 2017 earnings at $0.75 EPS, Q1 2018 earnings at $0.58 EPS, Q2 2018 earnings at $0.91 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.80 EPS and FY2018 earnings at $3.03 EPS.
Several other analysts have also commented on GRMN. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a report on Monday, July 10th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub downgraded 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 Garmin and gave the stock a “hold” rating in a research report on Monday, July 31st. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Garmin in a research note on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. Garmin currently has an average rating of “Hold” and a consensus target price of $56.33.
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Shares of Garmin (NASDAQ GRMN) opened at $59.55 on Monday. Garmin has a 52 week low of $46.80 and a 52 week high of $60.44. The company has a market capitalization of $11,795.51, a price-to-earnings ratio of 20.68, a P/E/G ratio of 2.46 and a beta of 0.81.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. The business had revenue of $743.00 million for the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the business earned $0.75 earnings per share.
Institutional investors have recently made changes to their positions in the company. WFG Advisors LP grew its stake in shares of Garmin by 11.5% during 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 acquiring an additional 225 shares in the last quarter. US Bancorp DE lifted its holdings in Garmin by 8.8% in the second quarter. US Bancorp DE now owns 2,215 shares of the scientific and technical instruments company’s stock worth $113,000 after acquiring an additional 180 shares during the last quarter. Cutler Group LP bought a new position in Garmin in the second quarter worth about $188,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Garmin by 72.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,741 shares of the scientific and technical instruments company’s stock worth $191,000 after acquiring an additional 1,568 shares during the last quarter. Finally, Bank of Hawaii bought a new stake in shares of Garmin during the third quarter valued at approximately $206,000. Institutional investors own 39.89% of the company’s stock.
In related news, insider Clifton A. Pemble sold 4,066 shares of the stock in a transaction on Friday, October 13th. The stock was sold at an average price of $55.00, for a total value of $223,630.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clifton A. Pemble sold 38,302 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $60.00, for a total value of $2,298,120.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,020,735 shares of company stock worth $53,154,152. 18.30% of the stock is owned by corporate insiders.
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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