Analysts Anticipate Garmin Ltd. (NASDAQ:GRMN) Will Announce Quarterly Sales of $625.48 Million

Equities analysts expect that Garmin Ltd. (NASDAQ:GRMN) will announce $625.48 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Garmin’s earnings, with the highest sales estimate coming in at $683.06 million and the lowest estimate coming in at $567.90 million. Garmin reported sales of $954.84 million during the same quarter last year, which indicates a negative year over year growth rate of 34.5%. The firm is expected to report its next quarterly earnings report on Wednesday, July 29th.

According to Zacks, analysts expect that Garmin will report full-year sales of $3.33 billion for the current fiscal year, with estimates ranging from $3.16 billion to $3.42 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.85 billion, with estimates ranging from $3.70 billion to $4.02 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Garmin.

Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.07. The business had revenue of $856.11 million during the quarter, compared to analyst estimates of $817.65 million. Garmin had a return on equity of 19.38% and a net margin of 25.30%. Garmin’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.73 EPS.

GRMN has been the subject of a number of recent research reports. Cleveland Research upgraded Garmin from a “neutral” rating to a “buy” rating in a research note on Monday, March 16th. BidaskClub upgraded Garmin from a “sell” rating to a “hold” rating in a research note on Friday, May 29th. Colliers Secur. upgraded Garmin from a “neutral” rating to a “buy” rating and set a $118.00 price target for the company in a research note on Monday, June 15th. Bank of America cut their price target on Garmin from $85.00 to $76.00 and set an “underperform” rating for the company in a research note on Monday, May 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Garmin in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. Garmin presently has a consensus rating of “Hold” and an average price target of $95.29.

Shares of Garmin stock traded up $0.40 during trading hours on Tuesday, reaching $97.53. 573,451 shares of the stock traded hands, compared to its average volume of 1,092,851. The company has a 50 day moving average price of $90.98 and a 200 day moving average price of $89.08. The firm has a market capitalization of $18.63 billion, a price-to-earnings ratio of 19.16, a P/E/G ratio of 4.10 and a beta of 0.99. Garmin has a one year low of $61.04 and a one year high of $105.58. The company has a quick ratio of 2.74, a current ratio of 3.75 and a debt-to-equity ratio of 0.01.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 31st. Shareholders of record on Monday, March 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, March 12th. This represents a $2.44 annualized dividend and a yield of 2.50%. Garmin’s payout ratio is 54.83%.

In other Garmin news, EVP Patrick Desbois sold 3,818 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $94.95, for a total value of $362,519.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Munn sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $80.84, for a total value of $121,260.00. The disclosure for this sale can be found here. Corporate insiders own 22.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Park National Corp OH purchased a new stake in shares of Garmin during the 2nd quarter worth approximately $202,000. State Street Corp raised its holdings in shares of Garmin by 1.3% during the 1st quarter. State Street Corp now owns 6,301,488 shares of the scientific and technical instruments company’s stock worth $472,365,000 after acquiring an additional 78,854 shares in the last quarter. AXA raised its holdings in shares of Garmin by 61.0% during the 1st quarter. AXA now owns 42,495 shares of the scientific and technical instruments company’s stock worth $3,185,000 after acquiring an additional 16,100 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Garmin by 6.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 152,859 shares of the scientific and technical instruments company’s stock worth $11,458,000 after acquiring an additional 9,203 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Garmin by 45.1% during the 1st quarter. HighTower Advisors LLC now owns 23,631 shares of the scientific and technical instruments company’s stock worth $1,770,000 after acquiring an additional 7,341 shares in the last quarter. 46.95% of the stock is currently 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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