EPS estimates for fiscal year 2022 for Garmin Ltd. analyst cut (NASDAQ:GRMN)

Garmin Ltd. (NASDAQ:GRMN) – Equity research analysts at Colliers Securities lowered their fiscal 2022 earnings per share estimates for Garmin in a research note released to investors on Thursday, February 17. Colliers Securities analyst D. Soderberg now expects the scientific and technical instruments company to post earnings of $5.90 per share for the year, down from its previous estimate of $6.36. . Garmin Inc (NASDAQ:GRMN) last released quarterly earnings data on Tuesday, February 15. The scientific and technical instruments company reported earnings per share (EPS) of $1.55 for the quarter, beating analysts’ consensus estimate of $1.43 by $0.12. The company posted revenue of $1.39 billion for the quarter, compared to $1.38 billion for analysts. Garmin had a return on equity of 19.31% and a net margin of 21.72%. The company’s quarterly revenue increased 2.9% year over year. In the same quarter a year earlier, the company posted EPS of $1.73.

A number of other brokerages have also recently released reports on the GRMN. Tigress Financial raised its price target on Garmin from $198.00 to $202.00 and gave the stock a “Strong Buy” rating in a Wednesday, November 24 report. Deutsche Bank Aktiengesellschaft upgraded Garmin from a “hold” rating to a “buy” rating and raised its price target for the company from $148.00 to $160.00 in a Wednesday, January 5 report. Finally, Morgan Stanley lowered its price target on Garmin from $141.00 to $127.00 and set an “equal weight” rating on the stock in a report on Thursday. Four analysts gave the stock a hold rating, one issued a buy rating and one gave the company a high buy rating. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $157.83.

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GRMN traded down $0.84 during Friday’s trading, hitting $114.16. 35,895 shares of the company were traded, against an average volume of 1,136,088. The company’s 50-day moving average is $128.99 and its two-hundred-day moving average is $147.50. The company has a market capitalization of $21.96 billion, a price/earnings ratio of 20.24, a P/E/G ratio of 2.98 and a beta of 0.99. Garmin has a 12 month minimum of $112.75 and a 12 month maximum of $178.80.

Institutional investors have recently changed their positions in the company. Eagle Bay Advisors LLC increased its position in Garmin shares by 74.0% during the third quarter. Eagle Bay Advisors LLC now owns 167 shares of the scientific and technical instruments company valued at $26,000 after buying 71 additional shares in the last quarter. Carolinas Wealth Consulting LLC increased its position in Garmin shares by 123.5% during the second quarter. Carolinas Wealth Consulting LLC now owns 190 shares of the scientific and technical instruments company valued at $27,000 after buying 105 additional shares in the last quarter. Blue Bell Private Wealth Management LLC bought a new stock position in Garmin during Q4, valued at around $28,000. Berman Capital Advisors LLC increased its position in Garmin shares by 139.6% during the third quarter. Berman Capital Advisors LLC now owns 230 shares of the scientific and technical instruments company valued at $35,000 after buying 134 additional shares in the last quarter. Finally, HWG Holdings LP bought a new stock position in Garmin during Q4 valued at around $35,000. Hedge funds and other institutional investors hold 72.45% of the company’s shares.

Garmin Company Profile

Garmin Ltd. is a holding company that provides navigation, communication and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following five segments: Marine, Outdoor, Fitness, Auto and Aviation. The Marine segment manufactures and offers recreational marine electronic devices such as charting, sounders, radars, autopilot systems and sailing.

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