Garmin (NASDAQ:GRMN) posted its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.04, Morningstar.com reports. Garmin had a return on equity of 15.23% and a net margin of 22.65%. The company had revenue of $888.49 million during the quarter, compared to analyst estimates of $872.73 million. During the same quarter last year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Garmin updated its FY18 guidance to Approx $3.05 EPS.
Shares of Garmin (NASDAQ GRMN) opened at $64.86 on Wednesday. Garmin has a 52 week low of $48.50 and a 52 week high of $65.96. The company has a market capitalization of $12,160.00, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 2.63 and a beta of 0.94.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 18th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.27%. This is an increase from Garmin’s previous quarterly dividend of $0.51. Garmin’s dividend payout ratio (DPR) is currently 55.59%.
A number of research analysts recently weighed in on the company. BidaskClub raised Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, February 8th. Zacks Investment Research lowered Garmin from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research report on Friday, December 15th. Finally, Credit Suisse Group reiterated an “underperform” rating and set a $58.00 target price (up from $48.00) on shares of Garmin in a research note on Tuesday, December 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $56.71.
In other Garmin news, insider Sean Biddlecombe sold 755 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $60.80, for a total transaction of $45,904.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Jonathan Burrell sold 254,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $62.45, for a total value of $15,862,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 290,963 shares of company stock worth $18,261,724. Company insiders own 18.30% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Thrivent Financial For Lutherans boosted its stake in shares of Garmin by 2.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,340 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 100 shares during the last quarter. ARGI Investment Services LLC boosted its stake in shares of Garmin by 5.8% in the 3rd quarter. ARGI Investment Services LLC now owns 17,359 shares of the scientific and technical instruments company’s stock worth $937,000 after buying an additional 956 shares during the last quarter. ING Groep NV boosted its stake in shares of Garmin by 10.0% in the 4th quarter. ING Groep NV now owns 10,551 shares of the scientific and technical instruments company’s stock worth $629,000 after buying an additional 961 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Garmin by 13.1% in the 3rd quarter. LS Investment Advisors LLC now owns 8,313 shares of the scientific and technical instruments company’s stock worth $449,000 after buying an additional 965 shares during the last quarter. Finally, Crescent Grove Advisors LLC boosted its stake in shares of Garmin by 12.5% in the 4th quarter. Crescent Grove Advisors LLC now owns 9,000 shares of the scientific and technical instruments company’s stock worth $536,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 40.57% of the company’s stock.
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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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