Garmin Ltd. (NYSE:GRMN) Expected to Post Quarterly Sales of $1.35 Billion

Posted by on May 26th, 2022

Wall Street brokerages expect Garmin Ltd. (NYSE:GRMN – Get Rating) to report sales of $1.35 billion for the current quarter, Zacks reports. Two analysts have made estimates for Garmin’s earnings, with estimates ranging from $1.31 billion to $1.39 billion. Garmin reported sales of $1.33 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.5%. The firm is scheduled to announce its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Garmin will report full year sales of $5.45 billion for the current year, with estimates ranging from $5.41 billion to $5.49 billion. For the next year, analysts anticipate that the business will report sales of $5.94 billion, with estimates ranging from $5.89 billion to $6.00 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Garmin.

Garmin (NYSE:GRMN – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The scientific and technical instruments company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.04). The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Garmin had a net margin of 21.12% and a return on equity of 18.67%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 EPS.

A number of analysts recently commented on GRMN shares. Morgan Stanley decreased their price objective on Garmin from $141.00 to $127.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 17th. Deutsche Bank Aktiengesellschaft decreased their price objective on Garmin from $160.00 to $150.00 in a research note on Thursday, April 28th. Bank of America raised Garmin from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $165.00 to $140.00 in a research note on Friday, March 18th. Zacks Investment Research raised Garmin from a “sell” rating to a “hold” rating and set a $115.00 price target on the stock in a research note on Monday, May 2nd. Finally, Tigress Financial raised their price target on Garmin from $205.00 to $208.00 in a research note on Friday, May 6th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $148.00.

GRMN opened at $99.34 on Thursday. The firm has a market cap of $19.19 billion, a P/E ratio of 17.90, a PEG ratio of 3.05 and a beta of 1.01. Garmin has a 52 week low of $96.79 and a 52 week high of $178.80. The business’s fifty day simple moving average is $110.72 and its 200 day simple moving average is $122.12.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GRMN. Boston Partners acquired a new position in shares of Garmin in the 1st quarter valued at about $205,920,000. Norges Bank acquired a new position in shares of Garmin in the 4th quarter valued at about $196,290,000. BlackRock Inc. raised its holdings in shares of Garmin by 8.2% during the 1st quarter. BlackRock Inc. now owns 14,264,641 shares of the scientific and technical instruments company’s stock valued at $1,691,932,000 after buying an additional 1,077,004 shares during the period. Bank of America Corp DE raised its holdings in shares of Garmin by 19.2% during the 4th quarter. Bank of America Corp DE now owns 5,696,813 shares of the scientific and technical instruments company’s stock valued at $775,734,000 after buying an additional 918,937 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Garmin during the 1st quarter valued at about $80,655,000. 72.11% of the stock is currently owned by institutional investors and hedge funds.

About Garmin (Get Rating)

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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