$863.92 Million in Sales Expected for Garmin Ltd. (NASDAQ:GRMN) This Quarter
Equities research analysts expect Garmin Ltd. (NASDAQ:GRMN) to report sales of $863.92 million for the current quarter, according to Zacks. Two analysts have issued estimates for Garmin’s earnings, with estimates ranging from $860.96 million to $866.88 million. Garmin reported sales of $810.01 million during the same quarter last year, which would suggest a positive year over year growth rate of 6.7%. The company is expected to issue its next quarterly earnings report on Wednesday, October 30th.
According to Zacks, analysts expect that Garmin will report full-year sales of $3.60 billion for the current year. For the next fiscal year, analysts expect that the firm will post sales of $3.75 billion, with estimates ranging from $3.73 billion to $3.78 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Garmin.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.16. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The firm had revenue of $955.00 million during the quarter, compared to the consensus estimate of $930.98 million. During the same quarter in the previous year, the firm posted $0.99 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis.
GRMN stock traded up $1.42 during trading on Friday, hitting $80.12. 889,707 shares of the company’s stock traded hands, compared to its average volume of 1,158,629. The firm has a market capitalization of $15.29 billion, a P/E ratio of 21.71, a PEG ratio of 2.69 and a beta of 0.91. The business has a fifty day simple moving average of $78.80 and a two-hundred day simple moving average of $80.45. The company has a quick ratio of 1.76, a current ratio of 2.39 and a debt-to-equity ratio of 0.01. Garmin has a 1 year low of $59.98 and a 1 year high of $89.72.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, September 13th. Garmin’s dividend payout ratio is currently 61.79%.
In other Garmin news, Chairman Min H. Kao sold 116,124 shares of Garmin stock in a transaction on Friday, June 28th. The shares were sold at an average price of $79.78, for a total value of $9,264,372.72. Following the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $143,558,445.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Min H. Kao sold 241,179 shares of Garmin stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.81, for a total transaction of $18,524,958.99. Following the completion of the transaction, the insider now directly owns 1,779,429 shares in the company, valued at $136,677,941.49. The disclosure for this sale can be found here. Insiders sold 5,419,145 shares of company stock worth $426,199,229 over the last ninety days. Corporate insiders own 23.83% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hilton Capital Management LLC purchased a new position in Garmin in the first quarter worth $29,000. Hanseatic Management Services Inc. purchased a new stake in shares of Garmin during the first quarter valued at $30,000. Pearl River Capital LLC purchased a new stake in shares of Garmin during the second quarter valued at $31,000. Huntington National Bank grew its holdings in shares of Garmin by 244.4% during the first quarter. Huntington National Bank now owns 372 shares of the scientific and technical instruments company’s stock valued at $32,000 after buying an additional 264 shares during the last quarter. Finally, HM Payson & Co. purchased a new stake in shares of Garmin during the second quarter valued at $37,000. 42.49% of the stock is currently owned by institutional investors and hedge funds.
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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