Zacks: Brokerages Expect Garmin Ltd. (GRMN) Will Post Quarterly Sales of $872.46 Million

Brokerages expect that Garmin Ltd. (NASDAQ:GRMN) will report sales of $872.46 million for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Garmin’s earnings, with the lowest sales estimate coming in at $868.26 million and the highest estimate coming in at $879.30 million. Garmin reported sales of $860.77 million during the same quarter last year, which indicates a positive year-over-year growth rate of 1.4%. The company is expected to report its next quarterly earnings results before the market opens on Wednesday, February 21st.

On average, analysts expect that Garmin will report full-year sales of $872.46 million for the current fiscal year, with estimates ranging from $3.07 billion to $3.08 billion. For the next year, analysts anticipate that the company will post sales of $3.12 billion per share, with estimates ranging from $3.11 billion to $3.14 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Garmin.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.09. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The company had revenue of $743.00 million during the quarter, compared to analyst estimates of $722.00 million. During the same quarter last year, the company earned $0.75 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis.

A number of research firms recently weighed in on GRMN. Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Morgan Stanley raised their price objective on Garmin from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reaffirmed an “underperform” rating and set a $58.00 price objective (up previously from $48.00) on shares of Garmin in a research report on Tuesday, December 12th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.71.

Garmin (GRMN) traded up $0.63 during mid-day trading on Friday, reaching $63.87. The company had a trading volume of 1,216,084 shares, compared to its average volume of 1,048,054. Garmin has a one year low of $47.03 and a one year high of $63.91. The company has a market cap of $11,980.00, a price-to-earnings ratio of 17.40, a PEG ratio of 2.55 and a beta of 0.83.

In other Garmin news, major shareholder Jonathan Burrell sold 254,000 shares of Garmin stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $62.45, for a total value of $15,862,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Biddlecombe sold 755 shares of Garmin stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total value of $45,904.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,057,923 shares of company stock valued at $64,040,293. Corporate insiders own 18.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of GRMN. Thrivent Financial For Lutherans boosted its stake in shares of Garmin by 2.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 100 shares during the last quarter. WFG Advisors LP boosted its stake in shares of Garmin by 11.5% in the 2nd quarter. WFG Advisors LP now owns 2,175 shares of the scientific and technical instruments company’s stock worth $111,000 after buying an additional 225 shares during the last quarter. D.A. Davidson & CO. boosted its stake in shares of Garmin by 8.2% in the 2nd quarter. D.A. Davidson & CO. now owns 4,344 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 328 shares during the last quarter. Compagnie Lombard Odier SCmA boosted its stake in shares of Garmin by 0.6% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 73,563 shares of the scientific and technical instruments company’s stock worth $3,754,000 after buying an additional 451 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Garmin by 0.9% in the 2nd quarter. Stifel Financial Corp now owns 90,953 shares of the scientific and technical instruments company’s stock worth $4,638,000 after buying an additional 769 shares during the last quarter. 41.54% of the stock is owned by institutional investors and hedge funds.

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About Garmin

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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