Analysts forecast that Garmin Ltd. (NASDAQ:GRMN) will post sales of $776.34 million for the current quarter, Zacks reports. Three analysts have issued estimates for Garmin’s earnings. The highest sales estimate is $777.93 million and the lowest is $775.20 million. Garmin posted sales of $743.08 million during the same quarter last year, which suggests a positive year-over-year growth rate of 4.5%. The business is expected to report its next quarterly earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Garmin will report full-year sales of $3.30 billion for the current financial year, with estimates ranging from $3.30 billion to $3.31 billion. For the next financial year, analysts anticipate that the business will post sales of $3.36 billion per share, with estimates ranging from $3.29 billion to $3.42 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Garmin.
Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.87 by $0.12. Garmin had a return on equity of 15.98% and a net margin of 18.72%. The company had revenue of $894.50 million for the quarter, compared to analysts’ expectations of $844.76 million. During the same period last year, the firm posted $0.88 earnings per share. Garmin’s revenue was up 7.6% compared to the same quarter last year.
Several equities research analysts recently commented on the company. BidaskClub cut Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Finally, Longbow Research set a $72.00 price objective on Garmin and gave the company a “buy” rating in a research report on Thursday, July 19th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.80.
In related news, Chairman Min H. Kao sold 50,000 shares of the stock in a transaction on Monday, June 18th. The stock was sold at an average price of $61.08, for a total transaction of $3,054,000.00. Following the sale, the chairman now directly owns 5,680,856 shares of the company’s stock, valued at $346,986,684.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Min H. Kao sold 606,873 shares of the stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $65.10, for a total value of $39,507,432.30. Following the sale, the insider now directly owns 1,901,429 shares in the company, valued at $123,783,027.90. The disclosure for this sale can be found here. Insiders have sold 4,506,269 shares of company stock worth $288,181,273 over the last ninety days. 17.85% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of GRMN. Point72 Asia Hong Kong Ltd lifted its holdings in Garmin by 105.4% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock valued at $102,000 after acquiring an additional 891 shares during the period. Flagship Harbor Advisors LLC bought a new position in Garmin in the second quarter valued at about $108,000. Sun Life Financial INC lifted its holdings in Garmin by 1,601.7% in the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock valued at $120,000 after acquiring an additional 1,858 shares during the period. Fort L.P. bought a new position in Garmin in the second quarter valued at about $121,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Garmin by 3,291.9% in the second quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock valued at $128,000 after acquiring an additional 2,041 shares during the period. 39.82% of the stock is currently owned by institutional investors.
Shares of Garmin stock traded up $0.11 during trading on Friday, hitting $68.72. 887,800 shares of the company’s stock traded hands, compared to its average volume of 1,099,576. Garmin has a 1 year low of $51.62 and a 1 year high of $69.15. The stock has a market capitalization of $13.56 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 2.83 and a beta of 1.03.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.
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