$0.75 EPS Expected for Garmin Ltd. (GRMN) This Quarter
Wall Street brokerages expect Garmin Ltd. (NASDAQ:GRMN) to report $0.75 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Garmin’s earnings. The highest EPS estimate is $0.78 and the lowest is $0.71. Garmin also posted earnings of $0.75 per share during the same quarter last year. The firm is expected to report its next quarterly earnings results on Wednesday, November 7th.
On average, analysts expect that Garmin will report full-year earnings of $3.28 per share for the current fiscal year, with EPS estimates ranging from $3.20 to $3.33. For the next fiscal year, analysts expect that the company will post earnings of $3.36 per share, with EPS estimates ranging from $3.18 to $3.51. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that cover Garmin.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, August 1st. The scientific and technical instruments company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.87 by $0.12. Garmin had a net margin of 18.72% and a return on equity of 15.98%. The firm had revenue of $894.50 million during the quarter, compared to the consensus estimate of $844.76 million. During the same period in the prior year, the firm posted $0.88 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year.
Shares of NASDAQ GRMN opened at $67.72 on Tuesday. Garmin has a 1 year low of $50.98 and a 1 year high of $68.67. The stock has a market cap of $13.15 billion, a P/E ratio of 23.03, a P/E/G ratio of 2.74 and a beta of 0.96.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, September 13th. This represents a $2.12 annualized dividend and a dividend yield of 3.13%. This is a boost from Garmin’s previous quarterly dividend of $0.51. Garmin’s payout ratio is currently 72.11%.
In other Garmin news, Chairman Min H. Kao sold 50,000 shares of the company’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $61.17, for a total value of $3,058,500.00. Following the sale, the chairman now owns 5,982,074 shares in the company, valued at $365,923,466.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Min H. Kao sold 151,218 shares of the company’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $61.64, for a total transaction of $9,321,077.52. Following the completion of the sale, the insider now owns 5,811,913 shares in the company, valued at approximately $358,246,317.32. The disclosure for this sale can be found here. Insiders have sold 4,898,477 shares of company stock worth $312,209,891 in the last quarter. 17.85% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Asia Hong Kong Ltd grew its holdings in Garmin by 105.4% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,736 shares of the scientific and technical instruments company’s stock worth $102,000 after purchasing an additional 891 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in Garmin in the second quarter worth about $108,000. Sun Life Financial INC grew its holdings in Garmin by 1,601.7% in the second quarter. Sun Life Financial INC now owns 1,974 shares of the scientific and technical instruments company’s stock worth $120,000 after purchasing an additional 1,858 shares during the period. Fort L.P. purchased a new stake in Garmin in the second quarter worth about $121,000. Finally, Tower Research Capital LLC TRC grew its holdings in Garmin by 3,291.9% in the second quarter. Tower Research Capital LLC TRC now owns 2,103 shares of the scientific and technical instruments company’s stock worth $128,000 after purchasing an additional 2,041 shares during the period. Institutional investors and hedge funds own 39.82% of the company’s stock.
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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