Zacks: Analysts Anticipate Garmin Ltd. (GRMN) to Post $0.75 Earnings Per Share

Wall Street brokerages expect Garmin Ltd. (NASDAQ:GRMN) to announce $0.75 earnings per share for the current quarter, according to Zacks. Six analysts have provided estimates for Garmin’s earnings, with the lowest EPS estimate coming in at $0.72 and the highest estimate coming in at $0.77. Garmin posted earnings of $0.73 per share during the same quarter last year, which suggests a positive year over year growth rate of 2.7%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, February 28th.

On average, analysts expect that Garmin will report full year earnings of $2.90 per share for the current year, with EPS estimates ranging from $2.87 to $2.92. For the next financial year, analysts expect that the firm will report earnings of $2.96 per share, with EPS estimates ranging from $2.86 to $3.03. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that follow Garmin.

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

Several brokerages recently weighed in on GRMN. Zacks Investment Research downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Tigress Financial reiterated a “buy” rating on shares of Garmin in a report on Friday, December 15th. BidaskClub downgraded shares of Garmin from a “buy” rating to a “hold” rating in a report on Friday, December 15th. KeyCorp reaffirmed a “hold” rating on shares of Garmin in a research note on Wednesday, November 1st. Finally, Credit Suisse Group reaffirmed an “underperform” rating and set a $58.00 price objective (up previously from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $56.71.

In other news, major shareholder Jonathan Burrell sold 254,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total transaction of $15,862,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Biddlecombe sold 755 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,923 shares of company stock worth $64,040,293 in the last ninety days. Corporate insiders own 18.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. CIBC World Markets Inc. purchased a new position in shares of Garmin during the 2nd quarter valued at approximately $299,000. Franklin Resources Inc. lifted its position in shares of Garmin by 76.2% during the 2nd quarter. Franklin Resources Inc. now owns 42,927 shares of the scientific and technical instruments company’s stock valued at $2,191,000 after buying an additional 18,570 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Garmin by 192.6% during the 2nd quarter. Wells Fargo & Company MN now owns 183,366 shares of the scientific and technical instruments company’s stock valued at $9,357,000 after buying an additional 120,696 shares in the last quarter. Stephens Inc. AR purchased a new position in shares of Garmin during the 2nd quarter valued at approximately $247,000. Finally, Teachers Advisors LLC lifted its position in shares of Garmin by 8.7% during the 2nd quarter. Teachers Advisors LLC now owns 164,729 shares of the scientific and technical instruments company’s stock valued at $8,406,000 after buying an additional 13,147 shares in the last quarter. 41.54% of the stock is currently owned by institutional investors and hedge funds.

Garmin (NASDAQ:GRMN) opened at $61.45 on Wednesday. Garmin has a fifty-two week low of $47.03 and a fifty-two week high of $63.15. The firm has a market cap of $11,520.00, a P/E ratio of 16.74, a P/E/G ratio of 2.51 and a beta of 0.83.

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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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