Zacks: Brokerages Expect Garmin Ltd. (NASDAQ:GRMN) Will Announce Quarterly Sales of $919.07 Million

Wall Street brokerages forecast that Garmin Ltd. (NASDAQ:GRMN) will announce $919.07 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Garmin’s earnings, with estimates ranging from $900.88 million to $937.25 million. Garmin posted sales of $894.45 million in the same quarter last year, which suggests a positive year over year growth rate of 2.8%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Wednesday, July 31st.

On average, analysts expect that Garmin will report full year sales of $3.55 billion for the current financial year, with estimates ranging from $3.53 billion to $3.56 billion. For the next fiscal year, analysts forecast that the firm will report sales of $3.69 billion, with estimates ranging from $3.65 billion to $3.73 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Garmin.

Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.01 by $0.15. The firm had revenue of $955.00 million for the quarter, compared to the consensus estimate of $930.98 million. Garmin had a net margin of 20.72% and a return on equity of 17.60%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the company posted $0.99 EPS.

GRMN has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Garmin from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and decreased their price target for the stock from $77.00 to $75.00 in a research note on Friday, June 7th. Morgan Stanley set a $81.00 price target on shares of Garmin and gave the stock a “hold” rating in a research note on Thursday, May 2nd. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Tuesday, June 11th. Finally, BidaskClub cut shares of Garmin from a “hold” rating to a “sell” rating in a research note on Saturday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Garmin has an average rating of “Hold” and an average target price of $78.66.

GRMN stock traded up $1.99 during mid-day trading on Wednesday, hitting $78.59. 3,622,188 shares of the company were exchanged, compared to its average volume of 1,149,867. The company has a current ratio of 4.04, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The company has a market cap of $15.51 billion, a price-to-earnings ratio of 21.30, a P/E/G ratio of 2.84 and a beta of 0.94. The business has a 50 day simple moving average of $80.06. Garmin has a 1-year low of $59.98 and a 1-year high of $89.72.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.57 per share. The ex-dividend date is Friday, September 13th. This represents a $2.28 annualized dividend and a dividend yield of 2.90%. Garmin’s dividend payout ratio is currently 61.79%.

In related news, Chairman Min H. Kao sold 116,124 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $79.78, for a total value of $9,264,372.72. Following the completion of the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,558,445.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Min H. Kao sold 86,077 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $79.47, for a total transaction of $6,840,539.19. Following the completion of the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,000,622.63. The disclosure for this sale can be found here. Insiders have sold a total of 2,842,905 shares of company stock valued at $226,726,137 over the last ninety days. Company insiders own 23.83% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in shares of Garmin by 2.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,403,209 shares of the scientific and technical instruments company’s stock worth $88,848,000 after purchasing an additional 39,907 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Garmin by 60.6% during the fourth quarter. Two Sigma Advisers LP now owns 144,201 shares of the scientific and technical instruments company’s stock worth $9,131,000 after purchasing an additional 54,385 shares in the last quarter. Suntrust Banks Inc. grew its stake in shares of Garmin by 43.8% during the fourth quarter. Suntrust Banks Inc. now owns 4,878 shares of the scientific and technical instruments company’s stock worth $310,000 after purchasing an additional 1,486 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in shares of Garmin by 34.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 178,754 shares of the scientific and technical instruments company’s stock worth $11,318,000 after purchasing an additional 46,215 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Garmin by 4.5% during the fourth quarter. Legal & General Group Plc now owns 653,629 shares of the scientific and technical instruments company’s stock worth $41,388,000 after purchasing an additional 28,037 shares in the last quarter. 42.30% of the stock is owned by institutional investors and hedge funds.

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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