Brokers Issue Forecasts for Garmin’s Q3 Earnings (NYSE:GRMN)

Garmin Ltd. (NYSE:GRMN) – Equities researchers at Zacks Research issued their Q3 2028 EPS estimates for Garmin in a research report issued on Friday, October 16th. Zacks Research analyst Team forecasts that the scientific and technical instruments company will earn $2.73 per share for the quarter. Zacks Research has a “Hold” rating on the stock. The consensus estimate for Garmin’s current full-year earnings is $10.08 per share.

GRMN has been the topic of a number of other reports. Morgan Stanley lifted their target price on Garmin from $249.00 to $289.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Tigress Financial reiterated a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. KeyCorp reissued a “sector weight” rating on shares of Garmin in a research note on Wednesday, September 2nd. Arete Research started coverage on Garmin in a report on Wednesday, October 14th. They set a “buy” rating and a $335.00 price objective on the stock. Finally, Barclays upped their price objective on shares of Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $313.71.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $286.85 on Tuesday. Garmin has a one year low of $186.67 and a one year high of $314.28. The stock has a fifty day moving average of $285.28 and a 200-day moving average of $261.83. The company has a market capitalization of $55.32 billion, a PE ratio of 29.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.82.

Garmin (NYSE:GRMN) last posted its quarterly earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.17 earnings per share.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Garmin by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,631,843 shares of the scientific and technical instruments company’s stock worth $378,540,000 after purchasing an additional 40,474 shares during the period. Bank of America Corp DE grew its holdings in Garmin by 73.8% during the first quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company’s stock valued at $300,499,000 after purchasing an additional 549,954 shares during the last quarter. Amundi raised its position in shares of Garmin by 82.5% in the first quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company’s stock valued at $236,027,000 after purchasing an additional 459,980 shares during the period. SG Americas Securities LLC lifted its stake in shares of Garmin by 192.8% in the first quarter. SG Americas Securities LLC now owns 506,273 shares of the scientific and technical instruments company’s stock worth $117,460,000 after buying an additional 333,345 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Garmin by 7.0% in the first quarter. Swiss National Bank now owns 479,800 shares of the scientific and technical instruments company’s stock worth $111,318,000 after buying an additional 31,400 shares during the last quarter. 81.60% of the stock is owned by institutional investors.

Insider Buying and Selling at Garmin

In other Garmin news, CEO Clifton Pemble sold 4,029 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $300.00, for a total value of $1,208,700.00. Following the completion of the sale, the chief executive officer owned 120,127 shares of the company’s stock, valued at $36,038,100. The trade was a 3.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joshua H. Maxfield sold 1,152 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the sale, the vice president owned 15,042 shares of the company’s stock, valued at approximately $4,379,177.46. This trade represents a 7.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,108 shares of company stock worth $4,808,799 over the last quarter. Company insiders own 14.80% of the company’s stock.

About Garmin

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.