Garmin (NASDAQ:GRMN) updated its FY 2018 earnings guidance on Wednesday. The company provided EPS guidance of $3.45-3.45 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.29. The company issued revenue guidance of $3.3-3.3 billion, compared to the consensus revenue estimate of $3.29 billion.Garmin also updated its FY18 guidance to approx $3.45 EPS.
Several brokerages have recently issued reports on GRMN. Longbow Research set a $75.00 price objective on shares of Garmin and gave the stock a buy rating in a research note on Thursday, September 20th. Morgan Stanley set a $77.00 price objective on shares of Garmin and gave the stock an equal weight rating in a research note on Friday, September 21st. BidaskClub downgraded shares of Garmin from a strong-buy rating to a buy rating in a research note on Thursday, October 4th. Finally, Bank of America set a $70.00 price objective on shares of Garmin and gave the stock a sell rating in a research note on Thursday, November 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Garmin presently has a consensus rating of Hold and a consensus target price of $67.83.
GRMN stock traded up $0.74 during midday trading on Thursday, hitting $65.12. The stock had a trading volume of 1,181,788 shares, compared to its average volume of 1,234,312. The stock has a market cap of $12.75 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 2.53 and a beta of 0.98. Garmin has a 52 week low of $57.01 and a 52 week high of $70.77.
Garmin (NASDAQ:GRMN) last issued its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.76 by $0.24. The firm had revenue of $810.01 million during the quarter, compared to analysts’ expectations of $784.06 million. Garmin had a return on equity of 16.95% and a net margin of 19.45%. Garmin’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. Research analysts anticipate that Garmin will post 3.47 EPS for the current fiscal year.
In related news, Chairman Min H. Kao sold 75,000 shares of the firm’s stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $62.27, for a total value of $4,670,250.00. Following the completion of the transaction, the chairman now directly owns 1,799,429 shares of the company’s stock, valued at $112,050,443.83. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Min H. Kao sold 200,000 shares of the firm’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $62.41, for a total value of $12,482,000.00. Following the completion of the transaction, the insider now directly owns 1,799,429 shares of the company’s stock, valued at $112,302,363.89. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,545,813 shares of company stock valued at $164,671,192. 17.85% of the stock is owned by company insiders.
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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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