Brokerages forecast that Garmin Ltd. (NASDAQ:GRMN) will report sales of $872.59 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Garmin’s earnings. The lowest sales estimate is $868.26 million and the highest is $879.30 million. Garmin reported sales of $860.77 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.4%. The firm is expected to issue its next quarterly earnings results before the market opens on Wednesday, February 21st.
According to Zacks, analysts expect that Garmin will report full year sales of $872.59 million for the current year, with estimates ranging from $3.07 billion to $3.08 billion. For the next financial year, analysts expect that the business will report sales of $3.13 billion per share, with estimates ranging from $3.11 billion to $3.17 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Garmin.
Several research analysts have issued reports on GRMN shares. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Thursday, November 2nd. KeyCorp restated a “hold” rating on shares of Garmin in a research report on Wednesday, November 1st. ValuEngine upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. BidaskClub lowered shares of Garmin from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Finally, Morgan Stanley lifted their price target on shares of Garmin from $52.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $56.71.
Shares of Garmin (NASDAQ:GRMN) traded up $1.19 during mid-day trading on Friday, hitting $63.50. 536,362 shares of the stock traded hands, compared to its average volume of 1,167,531. Garmin has a twelve month low of $48.50 and a twelve month high of $64.96. The company has a market capitalization of $11,680.00, a PE ratio of 17.35, a price-to-earnings-growth ratio of 2.46 and a beta of 0.94.
In other news, major shareholder Jonathan Burrell sold 127,000 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $60.37, for a total transaction of $7,666,990.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Clifton A. Pemble sold 2,413 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $60.30, for a total transaction of $145,503.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 639,621 shares of company stock worth $39,206,893. Insiders own 18.30% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Garmin by 24.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,012,907 shares of the scientific and technical instruments company’s stock valued at $119,907,000 after buying an additional 393,740 shares during the period. Disciplined Growth Investors Inc. MN boosted its holdings in shares of Garmin by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,634,576 shares of the scientific and technical instruments company’s stock valued at $83,412,000 after buying an additional 8,210 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Garmin by 5.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,282,094 shares of the scientific and technical instruments company’s stock valued at $69,195,000 after buying an additional 62,596 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Garmin by 8,318.2% in the second quarter. Janus Henderson Group PLC now owns 1,257,516 shares of the scientific and technical instruments company’s stock valued at $64,171,000 after buying an additional 1,242,578 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Garmin by 1.0% in the third quarter. Principal Financial Group Inc. now owns 1,170,507 shares of the scientific and technical instruments company’s stock valued at $63,172,000 after buying an additional 11,894 shares during the period. Institutional investors own 41.81% of the company’s stock.
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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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