Zacks: Brokerages Anticipate Garmin Ltd. (GRMN) Will Post Quarterly Sales of $872.59 Million

Brokerages forecast that Garmin Ltd. (NASDAQ:GRMN) will report $872.59 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Garmin’s earnings. The lowest sales estimate is $868.26 million and the highest is $879.30 million. Garmin posted sales of $860.77 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.4%. The business is expected to issue its next earnings results before the market opens on Wednesday, February 21st.

According to Zacks, analysts expect that Garmin will report full year sales of $872.59 million for the current fiscal year, with estimates ranging from $3.07 billion to $3.08 billion. For the next financial year, analysts anticipate that the company will report sales of $3.13 billion per share, with estimates ranging from $3.11 billion to $3.17 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 posted its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.66 by $0.09. The firm had revenue of $743.00 million during the quarter, compared to the consensus estimate of $722.00 million. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share.

Several equities analysts have commented on 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 reiterated a “buy” rating on shares of Garmin in a research report on Friday, December 15th. BidaskClub downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Friday, December 15th. KeyCorp reiterated a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reiterated an “underperform” rating and issued a $58.00 target price (up 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 stock. The company currently has an average rating of “Hold” and an average price target of $56.71.

Garmin (NASDAQ:GRMN) opened at $62.41 on Friday. The company has a market capitalization of $11,650.00, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.54 and a beta of 0.94. Garmin has a 1 year low of $48.50 and a 1 year high of $64.96.

In other news, insider Sean Biddlecombe sold 755 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Philip Straub sold 2,453 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $61.91, for a total value of $151,865.23. The disclosure for this sale can be found here. Insiders have sold 1,019,621 shares of company stock valued at $61,742,173 over the last 90 days. 18.30% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of GRMN. Nationwide Fund Advisors raised its position in shares of Garmin by 1.1% during the second quarter. Nationwide Fund Advisors now owns 84,791 shares of the scientific and technical instruments company’s stock worth $4,327,000 after acquiring an additional 900 shares during the last quarter. Profund Advisors LLC bought a new stake in Garmin in the second quarter worth approximately $202,000. Thrivent Financial For Lutherans increased its holdings in Garmin by 2.4% in the second quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after purchasing an additional 100 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in Garmin by 7.3% in the second quarter. Parametric Portfolio Associates LLC now owns 288,209 shares of the scientific and technical instruments company’s stock worth $14,707,000 after purchasing an additional 19,710 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Garmin by 11.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,219,498 shares of the scientific and technical instruments company’s stock worth $62,232,000 after purchasing an additional 130,059 shares in the last quarter. Institutional investors own 41.45% of the company’s stock.

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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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