Garmin (NYSE:GRMN) Releases FY 2024 Earnings Guidance

Garmin (NYSE:GRMN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 5.400-5.400 for the period, compared to the consensus EPS estimate of 5.390. The company issued revenue guidance of $5.8 billion-$5.8 billion, compared to the consensus revenue estimate of $5.7 billion. Garmin also updated its FY24 guidance to $5.40 EPS.

Garmin Trading Up 0.4 %

Shares of Garmin stock traded up $0.64 during trading on Friday, hitting $165.97. The stock had a trading volume of 973,141 shares, compared to its average volume of 983,928. Garmin has a 12 month low of $99.56 and a 12 month high of $166.43. The firm has a market cap of $31.88 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 5.42 and a beta of 0.99. The business’s 50-day moving average is $145.23 and its 200 day moving average is $129.28.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. Garmin had a return on equity of 17.26% and a net margin of 24.96%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 EPS. As a group, equities analysts expect that Garmin will post 5.45 EPS for the current year.

Garmin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, December 13th. This represents a $3.00 annualized dividend and a yield of 1.81%. Garmin’s payout ratio is presently 41.18%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. Barclays increased their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an equal weight rating in a report on Thursday. Tigress Financial reissued a strong-buy rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a research note on Tuesday, February 27th. JPMorgan Chase & Co. lifted their price target on Garmin from $155.00 to $175.00 and gave the stock a neutral rating in a research note on Thursday. Barrington Research upped their price objective on Garmin from $119.00 to $140.00 and gave the stock an equal weight rating in a report on Thursday, February 22nd. Finally, Bank of America raised their price objective on Garmin from $120.00 to $165.00 and gave the company a neutral rating in a report on Wednesday, April 3rd. Six equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $153.50.

Insider Buying and Selling at Garmin

In other news, VP Susan Lyman sold 2,587 shares of Garmin stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total value of $349,710.66. Following the transaction, the vice president now owns 7,174 shares in the company, valued at $969,781.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Susan Lyman sold 2,587 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the completion of the sale, the vice president now owns 7,174 shares of the company’s stock, valued at $969,781.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Clifton A. Pemble sold 1,622 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the transaction, the chief executive officer now owns 159,319 shares in the company, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Insiders sold a total of 99,476 shares of company stock worth $14,166,944 over the last three months. Company insiders own 19.89% of the company’s stock.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.