Garmin Ltd. (GRMN) Expected to Announce Quarterly Sales of $776.34 Million

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Brokerages expect that Garmin Ltd. (NASDAQ:GRMN) will post $776.34 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Garmin’s earnings. The highest sales estimate is $777.93 million and the lowest is $775.20 million. Garmin posted sales of $743.08 million during the same quarter last year, which suggests a positive year over year growth rate of 4.5%. The company is expected to issue its next earnings results before the market opens on Wednesday, October 31st.

According to Zacks, analysts expect that Garmin will report full-year sales of $3.31 billion for the current fiscal year, with estimates ranging from $3.30 billion to $3.32 billion. For the next year, analysts anticipate that the firm will report sales of $3.37 billion, with estimates ranging from $3.29 billion to $3.49 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Garmin.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.12. Garmin had a return on equity of 15.98% and a net margin of 18.72%. The firm had revenue of $894.50 million for the quarter, compared to analyst estimates of $844.76 million. During the same quarter last year, the company posted $0.88 earnings per share. The business’s revenue was up 7.6% on a year-over-year basis.

A number of brokerages have weighed in on GRMN. Longbow Research set a $72.00 price objective on Garmin and gave the company a “buy” rating in a report on Thursday, July 19th. BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a report on Thursday. Morgan Stanley set a $77.00 price objective on Garmin and gave the company an “equal weight” rating in a report on Friday, September 21st. Finally, ValuEngine raised Garmin from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $67.40.

In other news, insider Min H. Kao sold 370,832 shares of Garmin stock in a transaction that occurred on Wednesday, July 11th. The shares were sold at an average price of $62.48, for a total transaction of $23,169,583.36. Following the completion of the sale, the insider now directly owns 5,377,290 shares in the company, valued at approximately $335,973,079.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Sean Biddlecombe sold 1,308 shares of Garmin stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $64.89, for a total transaction of $84,876.12. The disclosure for this sale can be found here. Insiders sold a total of 4,383,685 shares of company stock worth $281,818,268 in the last ninety days. 17.85% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of GRMN. Wells Fargo & Company MN lifted its position in shares of Garmin by 10.4% during the 1st quarter. Wells Fargo & Company MN now owns 227,952 shares of the scientific and technical instruments company’s stock valued at $13,432,000 after acquiring an additional 21,381 shares during the period. US Bancorp DE lifted its position in shares of Garmin by 317.4% during the 1st quarter. US Bancorp DE now owns 10,949 shares of the scientific and technical instruments company’s stock valued at $646,000 after acquiring an additional 8,326 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Garmin by 40.4% during the 1st quarter. JPMorgan Chase & Co. now owns 864,999 shares of the scientific and technical instruments company’s stock valued at $50,974,000 after acquiring an additional 249,009 shares during the period. Norinchukin Bank The lifted its position in shares of Garmin by 16.0% during the 1st quarter. Norinchukin Bank The now owns 14,976 shares of the scientific and technical instruments company’s stock valued at $883,000 after acquiring an additional 2,064 shares during the period. Finally, California Public Employees Retirement System lifted its position in shares of Garmin by 2.9% during the 1st quarter. California Public Employees Retirement System now owns 366,676 shares of the scientific and technical instruments company’s stock valued at $21,608,000 after acquiring an additional 10,297 shares during the period. Institutional investors own 39.83% of the company’s stock.

Shares of NASDAQ GRMN traded down $0.54 during midday trading on Wednesday, reaching $68.60. 593,403 shares of the company were exchanged, compared to its average volume of 1,049,070. Garmin has a 1 year low of $53.65 and a 1 year high of $70.77. The firm has a market cap of $13.88 billion, a P/E ratio of 23.33, a P/E/G ratio of 2.89 and a beta of 0.98.

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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