Research Analysts Set Expectations for Garmin Ltd.’s Q1 2018 Earnings (GRMN)

Garmin Ltd. (NASDAQ:GRMN) – Stock analysts at KeyCorp upped their Q1 2018 earnings estimates for Garmin in a research report issued on Thursday. KeyCorp analyst B. Erickson now forecasts that the scientific and technical instruments company will post earnings of $0.61 per share for the quarter, up from their prior forecast of $0.58. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for Garmin’s Q3 2018 earnings at $0.75 EPS, Q4 2018 earnings at $0.85 EPS, FY2018 earnings at $3.06 EPS, Q1 2019 earnings at $0.66 EPS, Q2 2019 earnings at $0.94 EPS, Q3 2019 earnings at $0.82 EPS and Q4 2019 earnings at $0.91 EPS.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $722.00 million. During the same period last year, the company earned $0.75 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Friday, December 15th. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Credit Suisse Group reaffirmed an “underperform” rating and set a $58.00 target price (up previously from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Finally, ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.71.

Garmin (NASDAQ:GRMN) opened at $64.58 on Monday. Garmin has a 1 year low of $47.03 and a 1 year high of $64.96. The stock has a market capitalization of $12,270.00, a PE ratio of 17.60, a PEG ratio of 2.58 and a beta of 0.83.

A number of institutional investors have recently made changes to their positions in GRMN. Franklin Resources Inc. grew its stake in Garmin by 76.2% in the second quarter. Franklin Resources Inc. now owns 42,927 shares of the scientific and technical instruments company’s stock valued at $2,191,000 after acquiring an additional 18,570 shares during the period. Wells Fargo & Company MN grew its stake in Garmin by 192.6% in the second quarter. Wells Fargo & Company MN now owns 183,366 shares of the scientific and technical instruments company’s stock valued at $9,357,000 after acquiring an additional 120,696 shares during the period. Teachers Advisors LLC grew its stake in Garmin by 8.7% in the second quarter. Teachers Advisors LLC now owns 164,729 shares of the scientific and technical instruments company’s stock valued at $8,406,000 after acquiring an additional 13,147 shares during the period. Nationwide Fund Advisors grew its stake in Garmin by 1.1% in the second quarter. Nationwide Fund Advisors now owns 84,791 shares of the scientific and technical instruments company’s stock valued at $4,327,000 after acquiring an additional 900 shares during the period. Finally, Amalgamated Bank grew its stake in Garmin by 71.4% in the second quarter. Amalgamated Bank now owns 13,495 shares of the scientific and technical instruments company’s stock valued at $689,000 after acquiring an additional 5,621 shares during the period. 41.40% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Sean Biddlecombe sold 755 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jonathan Burrell sold 253,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $59.29, for a total value of $15,000,370.00. The disclosure for this sale can be found here. Insiders have sold 1,057,923 shares of company stock valued at $64,040,293 in the last ninety days. 18.30% of the stock is currently owned by insiders.

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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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