FY2017 EPS Estimates for Garmin Ltd. Boosted by KeyCorp (NASDAQ:GRMN)

Garmin Ltd. (NASDAQ:GRMN) – Equities researchers at KeyCorp increased their FY2017 earnings per share (EPS) estimates for Garmin in a report released on Wednesday, Zacks Investment Research reports. KeyCorp analyst B. Erickson now anticipates that the scientific and technical instruments company will earn $2.90 per share for the year, up from their previous estimate of $2.80. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Garmin’s Q4 2017 earnings at $0.75 EPS, Q1 2018 earnings at $0.58 EPS, Q2 2018 earnings at $0.91 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.80 EPS and FY2018 earnings at $3.03 EPS.

Several other equities research analysts have also commented on the stock. Zacks Investment Research lowered shares of Garmin from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Longbow Research upgraded shares of Garmin from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, July 19th. They noted that the move was a valuation call. BidaskClub upgraded shares of Garmin from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 22nd. Morgan Stanley set a $50.00 price objective on shares of Garmin and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and a consensus target price of $56.33.

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Shares of Garmin (NASDAQ:GRMN) opened at $60.75 on Monday. The company has a market cap of $11,999.53, a PE ratio of 21.03, a price-to-earnings-growth ratio of 2.50 and a beta of 0.81. Garmin has a one year low of $47.03 and a one year high of $61.28.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.09. The firm had revenue of $743.00 million during the quarter, compared to analyst estimates of $722.00 million. Garmin had a net margin of 22.65% and a return on equity of 15.23%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRMN. Janus Henderson Group PLC boosted its holdings in Garmin by 8,318.2% in the 2nd quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock worth $64,171,000 after buying an additional 1,242,578 shares during the period. Bank of New York Mellon Corp boosted its holdings in Garmin by 117.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,228,687 shares of the scientific and technical instruments company’s stock worth $113,730,000 after buying an additional 1,205,778 shares during the period. Marshall Wace North America L.P. boosted its holdings in Garmin by 3,623.9% in the 2nd quarter. Marshall Wace North America L.P. now owns 732,199 shares of the scientific and technical instruments company’s stock worth $37,343,000 after buying an additional 712,537 shares during the period. Principal Financial Group Inc. boosted its holdings in Garmin by 123.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,158,613 shares of the scientific and technical instruments company’s stock worth $59,123,000 after buying an additional 640,133 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Garmin by 153.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,042,380 shares of the scientific and technical instruments company’s stock worth $53,193,000 after buying an additional 631,827 shares during the period. 38.01% of the stock is owned by institutional investors.

In related news, VP Andrew R. Etkind sold 2,189 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $52.00, for a total value of $113,828.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jonathan Burrell sold 231,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $51.20, for a total transaction of $11,852,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,295,735 shares of company stock valued at $71,440,902. 18.30% of the stock is owned by insiders.

Garmin Company Profile

Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.

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Earnings History and Estimates for Garmin (NASDAQ:GRMN)

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