Equities analysts expect Garmin Ltd. (NASDAQ:GRMN) to announce earnings of $0.95 per share for the current quarter, Zacks reports. Two analysts have provided estimates for Garmin’s earnings. The highest EPS estimate is $1.01 and the lowest is $0.91. Garmin posted earnings per share of $1.00 during the same quarter last year, which suggests a negative year over year growth rate of 5%. The company is expected to issue its next quarterly earnings report on Wednesday, October 30th.
On average, analysts expect that Garmin will report full-year earnings of $3.85 per share for the current financial year, with EPS estimates ranging from $3.70 to $3.90. For the next year, analysts forecast that the business will report earnings of $4.00 per share, with EPS estimates ranging from $3.80 to $4.12. Zacks’ earnings per share averages are a mean average based on a survey of analysts that that provide coverage for Garmin.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.16. The company had revenue of $955.00 million for the quarter, compared to analysts’ expectations of $930.98 million. Garmin had a return on equity of 17.97% and a net margin of 21.32%. Garmin’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $0.99 EPS.
GRMN has been the topic of several recent research reports. Zacks Investment Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Morgan Stanley set a $81.00 price target on Garmin and gave the stock a “hold” rating in a research report on Thursday, May 2nd. ValuEngine lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. upgraded Garmin from an “underweight” rating to a “neutral” rating and reduced their price target for the stock from $77.00 to $75.00 in a research report on Friday, June 7th. Finally, Tigress Financial restated a “buy” rating on shares of Garmin in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $78.66.
In other news, Chairman Min H. Kao sold 86,077 shares of Garmin stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $79.47, for a total value of $6,840,539.19. Following the sale, the chairman now directly owns 1,799,429 shares in the company, valued at approximately $143,000,622.63. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Min H. Kao sold 842,410 shares of Garmin stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $78.37, for a total value of $66,019,671.70. Following the completion of the sale, the insider now owns 1,779,429 shares in the company, valued at $139,453,850.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,729,539 shares of company stock worth $372,513,109. Corporate insiders own 23.83% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. BlackRock Inc. boosted its position in shares of Garmin by 7.4% during the second quarter. BlackRock Inc. now owns 11,943,119 shares of the scientific and technical instruments company’s stock valued at $953,060,000 after purchasing an additional 824,805 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Garmin by 64.2% during the second quarter. JPMorgan Chase & Co. now owns 853,632 shares of the scientific and technical instruments company’s stock valued at $68,520,000 after purchasing an additional 333,830 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Garmin by 64.2% during the second quarter. Wells Fargo & Company MN now owns 749,802 shares of the scientific and technical instruments company’s stock valued at $59,835,000 after purchasing an additional 293,029 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Garmin by 26.3% during the first quarter. First Trust Advisors LP now owns 1,120,558 shares of the scientific and technical instruments company’s stock valued at $96,760,000 after purchasing an additional 233,543 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Garmin by 62.8% during the second quarter. Canada Pension Plan Investment Board now owns 574,877 shares of the scientific and technical instruments company’s stock valued at $45,875,000 after purchasing an additional 221,853 shares in the last quarter. Institutional investors own 42.19% of the company’s stock.
Shares of NASDAQ GRMN traded down $1.34 during trading hours on Wednesday, reaching $77.75. 4,713 shares of the stock traded hands, compared to its average volume of 1,165,854. The stock has a market cap of $15.66 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.76 and a beta of 0.91. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.39 and a quick ratio of 1.76. Garmin has a 52-week low of $59.98 and a 52-week high of $89.72. The business’s 50-day moving average is $79.17.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.57 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.93%. Garmin’s dividend payout ratio is currently 61.79%.
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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