Garmin Ltd. (GRMN) Issues FY17 Earnings Guidance

Garmin Ltd. (NASDAQ:GRMN) issued an update on its FY17 earnings guidance on Wednesday morning. The company provided EPS guidance of ~$2.90 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.81. The company issued revenue guidance of ~$3.07 billion, compared to the consensus revenue estimate of $3.04 billion.

Garmin Ltd. (NASDAQ:GRMN) traded up 5.30% during midday trading on Wednesday, hitting $59.61. The stock had a trading volume of 2,077,521 shares. The firm’s 50-day moving average price is $54.31 and its 200 day moving average price is $52.21. Garmin Ltd. has a 12 month low of $46.80 and a 12 month high of $59.98. The company has a market cap of $11.19 billion, a P/E ratio of 16.75 and a beta of 0.86.

Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.09. The company had revenue of $743.00 million during the quarter, compared to analysts’ expectations of $722.00 million. Garmin had a return on equity of 15.55% and a net margin of 22.07%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS. On average, analysts expect that Garmin Ltd. will post $2.80 earnings per share for the current fiscal year.

GRMN has been the subject of a number of research analyst reports. Longbow Research upgraded Garmin from a neutral rating to a buy rating and set a $60.00 target price for the company in a research note on Wednesday, July 19th. They noted that the move was a valuation call. Tigress Financial restated a buy rating on shares of Garmin in a research note on Monday, July 10th. Morgan Stanley set a $50.00 target price on Garmin and gave the company a hold rating in a research note on Monday, July 31st. KeyCorp reiterated a hold rating on shares of Garmin in a research note on Wednesday. Finally, Zacks Investment Research cut Garmin from a buy rating to a hold rating in a research note on Tuesday, October 17th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $52.80.

In other Garmin news, insider Clifton A. Pemble sold 4,066 shares of Garmin stock in a transaction on Friday, October 13th. The stock was sold at an average price of $55.00, for a total transaction of $223,630.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick Desbois sold 1,881 shares of Garmin stock in a transaction on Friday, October 13th. The shares were sold at an average price of $55.00, for a total value of $103,455.00. The disclosure for this sale can be found here. Insiders have sold 984,130 shares of company stock valued at $50,943,988 in the last quarter. 18.30% of the stock is owned by company insiders.

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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.

Earnings History and Estimates for Garmin (NASDAQ:GRMN)

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