Brokerages Anticipate Garmin Ltd. (GRMN) Will Post Earnings of $0.70 Per Share

Equities analysts expect Garmin Ltd. (NASDAQ:GRMN) to post earnings per share of $0.70 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Garmin’s earnings. The highest EPS estimate is $0.73 and the lowest is $0.66. Garmin reported earnings per share of $0.68 in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.9%. The company is expected to announce its next earnings results on Wednesday, May 1st.

On average, analysts expect that Garmin will report full-year earnings of $3.71 per share for the current year, with EPS estimates ranging from $3.70 to $3.76. For the next year, analysts forecast that the company will report earnings of $3.83 per share, with EPS estimates ranging from $3.78 to $3.97. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that follow Garmin.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.22. The company had revenue of $932.11 million for the quarter, compared to analyst estimates of $893.14 million. Garmin had a net margin of 20.74% and a return on equity of 17.67%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share.

Several equities research analysts have issued reports on GRMN shares. Morgan Stanley dropped their target price on shares of Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Bank of America set a $70.00 target price on shares of Garmin and gave the company a “sell” rating in a research report on Thursday, November 15th. Credit Suisse Group lifted their target price on shares of Garmin from $58.00 to $71.00 and gave the company an “underperform” rating in a research report on Monday, February 25th. Longbow Research set a $75.00 price objective on shares of Garmin and gave the stock a “buy” rating in a report on Tuesday, February 19th. Finally, BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Saturday, December 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Garmin currently has an average rating of “Hold” and an average price target of $77.19.

Shares of GRMN stock traded down $0.50 during trading hours on Thursday, reaching $82.99. The stock had a trading volume of 20,915 shares, compared to its average volume of 1,171,109. Garmin has a 12 month low of $57.01 and a 12 month high of $85.50. The firm has a market capitalization of $16.54 billion, a P/E ratio of 22.44, a price-to-earnings-growth ratio of 3.03 and a beta of 0.94.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Thursday, March 14th. Garmin’s dividend payout ratio is 57.45%.

In other news, Director Sean Biddlecombe sold 1,500 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $83.51, for a total transaction of $125,265.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clifton A. Pemble sold 2,683 shares of the firm’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $82.38, for a total value of $221,025.54. Following the completion of the sale, the insider now owns 141,883 shares of the company’s stock, valued at $11,688,321.54. The disclosure for this sale can be found here. Corporate insiders own 17.85% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GRMN. Retirement Systems of Alabama increased its position in shares of Garmin by 6.6% during the third quarter. Retirement Systems of Alabama now owns 55,636 shares of the scientific and technical instruments company’s stock worth $3,897,000 after buying an additional 3,454 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Garmin in the 3rd quarter worth approximately $535,000. Arizona State Retirement System increased its stake in shares of Garmin by 9.8% in the third quarter. Arizona State Retirement System now owns 29,948 shares of the scientific and technical instruments company’s stock worth $2,098,000 after buying an additional 2,671 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of Garmin by 0.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,213 shares of the scientific and technical instruments company’s stock worth $151,742,000 after buying an additional 11,607 shares during the period. Finally, Victory Capital Management Inc. increased its position in Garmin by 2,910.9% during the 3rd quarter. Victory Capital Management Inc. now owns 255,177 shares of the scientific and technical instruments company’s stock valued at $17,875,000 after purchasing an additional 246,702 shares during the period. Institutional investors own 42.48% of the company’s stock.

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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